Four whales on the Hyperliquid platform made a combined profit of $47.5 million amid allegations of price manipulation. Their actions triggered a remarkable 200% spike in the XPL token, which soared to over $1.80 within minutes. One trader reportedly suffered a loss of $4.59 million due to this price surge. According to Spot On Chain, the largest whale, address 0xb9c, was identified as the primary actor in this market activity, making over $15 million. This incident has raised concerns regarding the stability and reliability of decentralized trading platforms compared to centralized exchanges. An onchain analyst speculated that Justin Sun, founder of Tron Network, may be behind the wallet address associated with these transactions. Despite attempts to reach out to Sun and Hyperliquid for comments, no confirmations were available regarding the wallet's ownership. This price manipulation episode echoes past exploitations on Hyperliquid, raising questions about its market integrity.

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