Crypto Trader Losses Mount as Allegations of Manipulation Rock Hyperliquid

A controversial incident on decentralized exchange Hyperliquid has sparked accusations of market manipulation, leading to substantial losses for several traders. According to blockchain analytics platform Spot On Chain, four large-scale crypto traders allegedly manipulated the price of Plasma’s native token (XPL), resulting in a $47.5 million profit and leaving at least one trader with a $4.6 million loss. Analysis points to wallet 0xb9c, which generated over $15 million in profits and is suspected of being behind the orchestration of the surge.