Hyperliquid whales net $48M on 200% XPL rally, amid manipulation allegations

Four whales realized a cumulative $47.5 million profit on Hyperliquid, spurring price manipulation allegations related to XPL’s 200% rally.

Update (Aug. 27 at 5:44 pm UTC): This article has been updated to reflect that a blockchain analyst retracted a claim linking Justin Sun to a whale wallet.

Four whales, or big cryptocurrency investors, were accused of price manipulation that resulted in a $4.59 million loss for one unfortunate trader, raising questions about the reliability of decentralized trading platforms over their centralized counterparts.

Four whale addresses profited a combined $47.5 million after the recently launched Plasma blockchain’s (XPL) token soared 200% to over $1.80 in minutes on the decentralized exchange Hyperliquid. 

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