On the Hyperliquid platform, there was a sharp spike in the price of the XPL token, driven by a suspicious wallet. According to blockchain analysts, the address earned $16 mln in a single minute and triggered mass liquidations of positions.
The operations began well before the surge and were carefully prepared. It is assumed that the wallet could be linked to TRON founder Justin Sun, but there is no direct evidence.
Sharp Rise And Liquidations
The main address 0xb9c...6801e began actively buying XPL at 05:35 (UTC+8), clearing the entire order book within a minute. The sudden price increase to $1.80 caused the liquidation of thousands of shorts, most of which were hedging positions with leverage. As a result of the sharp move, XPL’s price rose more than 200% in just 2 minutes.
Later, the same wallet began partially closing positions, securing a profit of $16 mln. At the same time, it left open a long of 15.2 mln XPL worth $10.2 mln.
A Network Of Four Addresses
According to Chinese analysts, at least four large addresses participated in the operation. The main one, 0xb9c…6801e, had been accumulating positions since August 24. The other three addresses – 0xe41...858c7, 0x006...2a78f and 0x894...00779 – bought XPL and closed positions at the peak.
Two of these addresses (0xe41... and 0x006...) received funds from the same source. One of them (0xe41...) is registered on DeBank under the nickname silentraven and had previously secured a $10 mln profit on the HYPE token. All three addresses used the DeBridge service to top up margin, and their actions were similar in structure and timing.
The fourth address – 0x894... – looked more autonomous, received margin from Binance, and, according to analysts, might not have been part of the main group. However, its activity fully coincided with the main XPL pump.
Connection To Justin Sun
Suspicions about Justin Sun’s involvement arose after analyzing the transaction history of the main address. One of the wallets linked to it transferred funds several years ago to an address previously associated with the businessman. Also, in the financing chain, there was address 0x5dE...c03c3, which sent $4.99 mln in USDC three hours before the operation, and address 0xae0...97150, which transferred $10.98 mln in USDT via DeBridge earlier.
There is no direct evidence linking Sun, but the scale and organization of the deal raised suspicions.
At the time of publication, the main address still holds a 1x long on XPL worth $8.58 mln, with current unrealized profit of $620 000.
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