Whales Generate $48 Million Profit from XPL Price Surge

A significant price surge in XPL token driven by a leveraged trade orchestrated by whales has raised concerns about market manipulation and platform vulnerabilities. Hyperliquid, the exchange responsible for the token’s trading, announced that it will implement controls to prevent similar occurrences, after one whale earned $16 million in profit within just one minute of the price spike. The event led to $48 million in profit for a select group of whales, prompting calls for greater regulatory oversight and stricter security measures.