Whale Manipulates XPL on Hyperliquid Platform, Causing $46 Million Loss for Traders

A massive pre-market manipulation of the XPL token on the Hyperliquid platform by a crypto whale triggered a dramatic price surge and subsequent liquidation of short positions, resulting in significant losses for traders. The whale initiated a long position, driving up the price over 200% within minutes, while simultaneously liquidating numerous short positions held by other traders. This led to an estimated $46 million in losses for users trading on the platform. The incident highlights vulnerabilities in Hyperliquid’s pre-market trading mechanisms and raises concerns about the platform’s stability.