Detailed Review and Reflection on the Hyperliquid XPL Explosion Event This may be the most magical and authentic lesson of August in the cryptocurrency industry: several whales used "legal rules" to achieve a perfect harvest of $16 million, and countless arbitrage dogs' principal was reset to zero. And here, there are no hackers, no vulnerabilities, only scheming, leverage, and paper thin liquidity. Background: XPL is a native token of the Plasma network, which has not yet been officially listed on Binance spot trading. It can only be traded on futures and Hyperliquid, but its price has been inflated to 0.45, with an FDV of up to 4.5 billion US dollars - a 9-fold increase. ⏳ Timeline: The Perfect Script for Whales ️ Ambush period (8.24-26): Four mysterious addresses (main address 0xb9c... suspected Justin Sun) collaborated seamlessly to quietly raise 31.75 million XPLs at an average price of 0.56- the bullets have been loaded. ⚡ Outbreak Day (from 5:35am on August 27th): 5: 35: Giant Whale deposits $16 million USDC as a deposit for departure ； 5: 37: Swallowing $3 million XPL in one gulp, the order book is empty in seconds; 5: 39: The price soared to 1.8 (+200%), and the high multiples of short sellers collectively rose ️， The worst single loss was $7 million; 6: 01-6:06: Whale calmly closed its position and made a profit of $16 million, leaving gracefully; 6: After 30, the price dropped back to 0.6, causing the community to explode, and the arbitrage party with hedging had no capital left. Winning Whales: Carrying Away Over $16 Million; The retail investors who suffered heavy losses thought that "1x leverage is very safe", but ended up being the ones who were cut the most steadily. Why is it always Hyperliquid that gets injured? This is not the first time (remember Jelly?)? ）. Every time, the whale uses the same technique - the three piece set of "internal feeding+low liquidity+high leverage" - to achieve "compliance manipulation": Internal pricing, no external oracle: prices only come from the Hyperliquid order book, whales only need to penetrate their own buying orders to "do whatever they want"; Liquidity is as thin as paper: XPL has not yet been officially launched, and pre-market trading is like driving a speedboat in shallow waters, destined to splash pedestrians with blood; Failure of funding rate: A small amount of funding can leverage the entire market and complete the harvest in a short period of time, and high funding rates are of no use. Rather than calling it a 'bad guys' manipulation,' it's more like a lesson for all crypto players: always pay attention to depth and clearing mechanisms hyperliquild hyper XPL HYPER