Update (August 27 at 5:44 PM UTC): This article has been updated to reflect that a blockchain analyst retracted a claim that links Justin Sun with a whale wallet.
Four whales, or large cryptocurrency investors, were accused of price manipulation that resulted in a loss of $ 4.59 million for an unfortunate merchant, asking questions about the reliability of decentralized negotiation platforms about their centralized counterparts.
Four directions of whales benefited $ 47.5 million combined after the recently launched token of Plasma Blockchain (XPL) fired 200% to more than $ 1.80 in minutes in the Hyperliquid of decentralized exchange.
The largest of the four, 0xb9c wallet, benefited more than $ 15 million as the “main orchestrating”, wrote blockchain data platform spot on cain on a Wednesday x mailadding:
“The manipulation of whales in #HyPPERLiquid sent $ XPL SoArge 200% to $ 1.80 in minutes before, marking one of the shortest and most wild wealth redistributions we have seen!”
“In just a few months, Hyperliquid has seen the whales exploit the vulnerabilities of HLP, manipulate the prices of the coins and positions of Snipe,” added the post, urging the decentralized negotiation platform to respond to the accusation.
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The profit of about $ 48 million occurred at the expense of other merchants, and the most unfortunate suffered a loss of $ 4.5 million in an XPL position.
A second unfortunate merchant, x user CBB, accepted To lose $ 2.5 million in its short position XPL, and added that “is never playing isolated markets” again.
The accusations of manipulation occur five months after Hyperliquid suffered an exploit of $ 6.26 million that involves the MYLATINA MY JELLY (JELLY) Due to a vulnerability in his liquidation parameters, Cointelegraph reported in March.
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Sleuth Ochain retracts to claim Justin Sun to Whale Wallet
Initially, an Ochain detective suggested the founder of Tron Network, Justin Sun as a possible merchant behind one of the whaling wallets, but then the claim was retracted, qualifying it as an incorrect analysis.
“After confirming with multiple sources, I can confirm that this is not Justin Sun. I apologize for the previous incorrect analysis. Additional information will be published later,” Pseudonym Analyst MLM saying In X.
The wallet in question began long positions in millions of tokens XPL in hyperlichid, “clear the entire order book and liquidate everyone,” MLM said Wednesday. After closing the positions, the whale won $ 16 million in “Only one minute.”
$ XPL pumped at $ 1.80, which is exceeding 200% in 2 minutes ”.
The address continues to execute an xpl signed 1x worth more than $ 8.6 million, with an unrealized gain of more than $ 614,000, Hypurrscan Blockchain data shows.
Cointelegraph could not independently verify the property of the wallet’s address, but has communicated with Justin Sun and Hyperliquid for comments.
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