{"id":8986,"date":"2025-08-27T10:34:12","date_gmt":"2025-08-27T10:34:12","guid":{"rendered":"https:\/\/bitunikey.com\/news\/hyperliquids-massive-xplusd-perp-liquidation-event-what-the-on-chain-data-says\/"},"modified":"2025-08-27T10:34:16","modified_gmt":"2025-08-27T10:34:16","slug":"hyperliquids-massive-xplusd-perp-liquidation-event-what-the-on-chain-data-says","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/hyperliquids-massive-xplusd-perp-liquidation-event-what-the-on-chain-data-says\/","title":{"rendered":"Hyperliquid\u2019s massive XPLUSD perp liquidation event: what the on-chain data says"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Hyperliquid\u2019s XPL pre-contracts surged from $0.6 to $1.8 in just 5 minutes, fueling speculation of market manipulation as a few whales reportedly pocketed over $46M after massive short liquidations on the derivatives platform.<\/p>\n<div id=\"cn-block-summary-block_0647c0c0df7424f07f97f2fffd039a6a\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Four main wallets profited a combined total of $46M from the August 27 Hyperliquid\u2019s XPL pre-contracts 200% price spike.<\/li>\n<li>The spike was confined to Hyperliquid, with centralized exchanges Binance and Bitget showing no corresponding price movements due to Hyperliquid\u2019s single internal oracle design.<\/li>\n<li>0xb9c\u20266801e wallet is believed to be associated with Justin Sun due to a historical ETH transfer to an address linked to him 5 years ago, though no direct evidence connects him to the Hyperliquid\u2019s XPL incident. <\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>On August 27, yet another market manipulation event unfolded on the decentralized derivatives platform Hyperliquid, as the token XPL experienced an extreme and rapid price spike. Beginning at approximately 5:50 AM Beijing time, the XPL price surged from around $0.6 to a peak of $1.8 within just five minutes, triggering a cascade of short position liquidations (mostly 1x hedge orders), before quickly falling back to around $0.06.<\/p>\n<p><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/ai_9684xtpa\/status\/1960528529785020784\">Analysis<\/a> of blockchain data by <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/ai_9684xtpa\/status\/1960506447965642864\">@ai_9684xtpa<\/a> indicates that four main wallets participated in the activity, collectively profiting approximately $46.1 million. The wallet starting with 0xb9c\u20266801e acted as the primary driver, depositing $16 million USD Coin (USDC) and placing aggressive buy orders that drove the XPL price sharply upward. This wallet closed a portion of its positions shortly after the peak, realizing $16 million in profit, while still holding an $8.28 million contract position in XPL.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This wallet, presumed to be associated with Justin Sun, just longed millions of <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24XPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">$XPL<\/a> on Hyperliquid, clearing the entire order book and liquidating everyone. <\/p>\n<p>He then started closing his long, making $16M in just one minute. <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24XPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">$XPL<\/a> pumped to $1.80, which is over 200% in 2 minutes\u2026 <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/t.co\/o1x1AdCLeE\">pic.twitter.com\/o1x1AdCLeE<\/a><\/p>\n<p>\u2014 MLM (@mlmabc) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/mlmabc\/status\/1960462635314635207?ref_src=twsrc%5Etfw\" target=\"_blank\">August 26, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Three additional wallets \u2014 0xe417\u2026, 0x006\u2026, and 0x894\u2026 \u2014 ended up profiting from the resulting liquidations. These wallets had accumulated long positions in XPL in the days prior and began closing them near the short-term price peak, securing the remainder of the profits. 0xe417\u2026 and 0x006\u2026 share the same funding source. 0x894\u2026 is relatively independent, funded via Binance, and may have profited by coincidence. <\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">Hyperliquid\u2019s XPL price spike confined to Hyperliquid DEX by single-oracle dependency<\/h2>\n<p>Interestingly, the extreme price fluctuation resulting from 0xb9c\u2019s longs occurred exclusively on Hyperliquid. Centralized exchanges Binance and Bitget, which also listed XPL pre-contracts, did not experience corresponding price changes.<\/p>\n<p>Chinese crypto media BlockBeats, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/square\/post\/28862762890121\" target=\"_blank\">posting<\/a> on Binance Square, attributed this to the design of Hyperliquid\u2019s platform, which relies on a single internal oracle for price determination. Unlike centralized exchanges that aggregate data from multiple sources to stabilize prices, Hyperliquid\u2019s oracle is highly sensitive to concentrated trades.  As a result, aggressive buys by a few whales were sufficient to drive the local price up dramatically, without affecting the broader market.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">Who is behind this?<\/h2>\n<p>While the identities behind the wallets remain unconfirmed, some community <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/mlmabc\/status\/1960462635314635207?t=QpKGnuHsu0nZOwTtwxbiZA&amp;s=19\">speculation<\/a> has emerged due to historical on-chain activity. <\/p>\n<p>Analyst <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/ai_9684xtpa\/status\/1960506447965642864\">@ai_9684xtpa<\/a> noted that the 0xb9c wallet had previously transferred Ethereum (ETH) to an address associated with Justin Sun 5 years ago. However, there is no direct evidence linking him to this event.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This wallet, presumed to be associated with Justin Sun, just longed millions of <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24XPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">$XPL<\/a> on Hyperliquid, clearing the entire order book and liquidating everyone. <\/p>\n<p>He then started closing his long, making $16M in just one minute. <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24XPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">$XPL<\/a> pumped to $1.80, which is over 200% in 2 minutes\u2026 <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/t.co\/o1x1AdCLeE\">pic.twitter.com\/o1x1AdCLeE<\/a><\/p>\n<p>\u2014 MLM (@mlmabc) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/mlmabc\/status\/1960462635314635207?ref_src=twsrc%5Etfw\" target=\"_blank\">August 26, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hyperliquid\u2019s XPL pre-contracts surged from $0.6 to $1.8 in just 5 minutes, fueling speculation of market manipulation as a few whales reportedly pocketed over $46M after massive short liquidations on&hellip;<\/p>\n","protected":false},"author":1,"featured_media":279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/8986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=8986"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/8986\/revisions"}],"predecessor-version":[{"id":8987,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/8986\/revisions\/8987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/279"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=8986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=8986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=8986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}