XPL surges then suddenly crashes 40%: Five suspected insider addresses profitably manipulated for 1.6 million and exited, causing a massive whale on-chain to open a 32.99 million scale short position.

BlockBeats message, April 3, according to monitoring by Coinglass and Hyperinsight, this morning the XPL token price saw extreme volatility. From 1:00 to 5:00, the XPL price surged straight up 42%, with the high reaching $0.167; but starting at 5:10, the price instantly dumped more than 40% within less than 5 minutes, falling to below $0.12, and giving back all intraday gains.

Before the price move started, at 1:00 a.m., five new addresses on Hyperliquid simultaneously deposited funds, with each deal exceeding $200,000, totaling about $1.292 million. Immediately after, they heavily opened leveraged XPL long positions, seemingly coordinating with other platforms’ spot buys to push up the price. During the period, the five addresses were in substantial profit, with their principal all more than doubled.

From 4:30 to 4:40, the five addresses withdrew all the released margin along with the floating profits, taking profits and closing. As a result, the liquidation prices of the positions moved significantly higher, nearing the point of liquidation. At 5:10, the five addresses simultaneously liquidated at around $0.12971 for XPL; the price promptly plunged in a straight line, seemingly coordinated with a spot-market sell-off to distribute inventory. The five addresses combined made total profit of about $1.602 million.

During the pump, multiple short whale accounts were targeted and hit with liquidations, (0xbe1), (0x51f), “the main short air force for US/Bre brent crude and US natural gas” (0x985), and (0x45d) short positions were all liquidated during the rally; the total closed short position size exceeded $32.99 million.

The source of funds points entirely to that on-chain address:

0xBc1D9760bd6ca468CA9fB5Ff2CFbEAC35d86c973

Suspected insider whale address:

1.0x0e321565595044b32784fc983d38bfe57ddee62c

2.0x763a5940ccb568e594a9ceb4b1d88d60dec8ea08

3.0x1b546e2a2f10d30245502d6bdb11bba23719597f

4.0x1a1cc7a769b233f29e09050fe383a37c46bcdbdf

5.0xfb8fe47311c92345b8fc152f697212595a778915