XPL flash crash and manipulation
Story timeline · 2 updates, 1 Nov to 3 Nov 2026
XPL fell from $0.086431 to $0.069429, triggering cascading long liquidations, and Hyperliquid's HLP vault lost about $556,000. TradingBeats says cross-chain tracing links the funds behind the 1 November manipulation to the team behind April's XPL flash crash.
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XPL flash crash triggers long liquidations as Hyperliquid HLP vault loses $556,000
XPL fell from $0.086431 to $0.069429, triggering cascading long liquidations, and Hyperliquid's HLP vault took on about 160.4m XPL at an average cost of $0.07592 before closing at $0.0725 for a loss of about $556,000. Sixteen exchange-funded wallets had built long positions of about 269m XPL, worth roughly $23m, since 29 October.
TradingBeats says XPL flash-crash funds trace to April manipulation team
TradingBeats says seven months of cross-chain tracing show the funds behind the 1 November XPL manipulation and liquidation overlap heavily with the team behind April's XPL flash crash. It says the group tends to move on to another token after each operation.
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