XPL Token Manipulation on Hyperliquid: A Classic Pump-and-Liquidation Scheme in the Midst of “Crypto’s Crime Season” Search
XPL Token Manipulation on Hyperliquid: A Classic Pump-and-Liquidation Scheme in the Midst of “Crypto’s Crime Season” Whales Exploit Low Liquidity to Squeeze Shorts, Raking in Millions While Traders Get Wiped Out — Is This the New Normal in DeFi?
Gabriel R. | Crypto & Trading Follow 4 min read · Aug 28, 2025 Listen Share
In the ever-volatile world of decentralized finance, where fortunes can flip faster than a meme coin’s hype cycle, a brazen market manipulation has rocked the Hyperliquid platform. The target? XPL, the native token of the Plasma project, which hasn’t even launched on mainnet yet but is already trading in futures. This incident, unfolding just days ago, saw a mysterious whale deposit a whopping $16 million in USDC and unleash a rapid pump that liquidated $16 million in short positions, pocketing around $15 million in profits before dumping. Welcome to what the crypto community is dubbing the “Crime Season” — a period where low-liquidity markets on DEXs become playgrounds for sophisticated exploits. @Plasma #Plasma $XPL
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