Hyperliquid traders just witnessed one of the wildest liquidation events in platform history.
A wallet rumored to be linked to Justin Sun longed millions of $XPL in a single sweep, clearing the entire order book. Shorts got blown out instantly.
Then it went crazier.
Within minutes, the wallet began closing its longs. It booked $16M profit in one minute as $XPL spiked to $1.80, a gain of over 200% in just two minutes, according to CoinMarketCap
The address still holds 15.2M $XPL ($10.2M). Traders call it one of the most aggressive liquidation plays ever seen on Hyperliquid.
https://twitter.com/mlmabc/status/1960462635314635207?t=ZRhNsynVDI5ZR66gfQtM1Q&s=19
Is It Really Justin Sun?
Speculation around the wallet’s owner spread quickly.
Analyst ai_9684xtpa on X traced its funding history. Five years ago, the address sent ETH to another wallet tied to Justin Sun.
But the analyst clarified, there is no direct proof this is Brother Sun himself. The link rests solely on that old transaction chain.
https://twitter.com/ai_9684xtpa/status/1960528529785020784?t=YuUd43L1Lefos-ZwYxD83g&s=19
Four Addresses, $46M in Profits
On-chain data points to four major wallets behind the $XPL sniping event. Together, they booked $46.1M.
Here’s the breakdown:
0xb9c…6801e – the main driver. Began stacking small longs from Aug. 24, then at 05:35 today, placed a massive buy order that triggered the short squeeze.
0xe41…858c7, 0x006…2a78f, 0x894…00779 – these wallets opened longs between Aug. 22-26. Closed positions quickly once $XPL hit its local highs.
All wallets followed a similar playbook: accumulate low, nuke shorts, exit fast.
On-chain sleuths spotted overlapping funding routes.
0xe41…858c7 and 0x006…2a78f share the same source of funds. One belongs to silentraven on Debank, known for an unrealized $10M profit on HYPE longs in May.
0xb9c…6801e shows no direct funding link to them but uses the same debridge cross-chain routes for margin deposits. Trading patterns look similar.
0x894…00779 stands out. Its margin came from Binance. Might be linked to the others, or just lucky catching the spike.
All four wallets timed entries with surgical precision.
Whales Rush to Add Collateral
After the liquidation chaos, Lookonchain revealed some whales shorting $XPL scrambled to avoid further wipeouts.
0x142a deposited $44M USDC into Hyperliquid.
0x0Aa9 added $29M USDC.
The goal: shore up margins to survive the violent squeeze.
https://twitter.com/lookonchain/status/1960642903350358309?t=GHaMROvw_GVUbQwLUWE41w&s=19
Market Reaction
$XPL trades near $1.70 now, according to CoinMarketCap. The token holds most of its gains even as the initial frenzy cools.
Hyperliquid traders call it the craziest liquidation event ever on the platform. With 15.2M $XPL still long, eyes remain glued to on-chain flows for the next move.
What’s Next?
The $XPL story isn’t over. If the main wallet keeps unloading, price swings could continue.
On-chain analysts track every transfer now, hunting for more links to Justin Sun or other whales.
For now, one thing is clear: $46M profits in minutes has put Hyperliquid and $XPL at the center of crypto’s attention.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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