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XPL Swings Wildly as Hyperliquid-Linked Wallets Make $1.6 Million During Short Squeeze

Arkham said seven accounts deposited $1.85 million to Hyperliquid, used leverage to drive XPL higher, and withdrew $4.63 million, adding fresh scrutiny to the token’s sharp rally and subsequent 40% drop.

HYPE

Fact Check
The core claim is substantially supported by the fetched PANews article “Arkham：7账户利用杠杆操纵XPL价格，共获利约278万美元 | PANews,” which explicitly states that Arkham said seven accounts deposited $1.85 million into Hyperliquid, used leverage to push XPL higher, and later withdrew $4.63 million. The related fetched report “XPL暴拉后闪崩40%：五大内幕地址操盘盈利160万美元离场 | PANews” corroborates the token’s sharp rally and subsequent drop of over 40%. However, the user title’s figure of “$1.6 million” is only partly aligned: that lower profit number refers to five addresses in the HyperInsight-linked report, while the Arkham-linked report gives about $2.78 million profit across seven accounts. So the main body statement about Arkham’s deposits, leverage, withdrawals, and scrutiny around the 40% drop is likely true, but the title mixes two different profit figures from two different source framings.
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Summary

New reporting added more detail to the XPL volatility event, with Arkham stating that seven accounts deposited $1.85 million to Hyperliquid, used leverage to push up XPL, and later withdrew $4.63 million from collateral balances, generating about $2.78 million in profit. Earlier data from HyperInsight had reported that XPL later fell 40% and that five insider-linked addresses exited with about $1.6 million in gains. The latest figures suggest the trading activity around the move was larger than initially reported, reinforcing concerns around coordinated positioning during the token’s short squeeze and reversal.

Terms & Concepts
  • Hyperliquid: A decentralized perpetual futures exchange where traders can use leverage to take long or short crypto positions on-chain.
  • leverage: The use of borrowed exposure to increase the size of a trade, magnifying both potential profits and losses.
  • Short squeeze: A rapid price increase that forces short sellers to close positions, which can accelerate the upward move.