Hyperliquid faces allegations of price manipulation regarding the XPL token, which surged 200%. This situation resulted in significant losses for several traders.
Allegations of Manipulation
Hyperliquid is facing accusations of price manipulation on the XPL token following its sharp increase on a decentralized exchange. It has been revealed that wallets, including '0xb9c', made millions of dollars before the price fell again.
Traders' Losses
Some traders incurred significant losses: a trader known as 'CBB' reported losing $2.5 million, while another lost $4.5 million. These events have intensified calls for increased transparency from the exchange.
Security Improvement Plans
In response to the incident, Hyperliquid announced updates to its system aimed at enhancing security. These updates include implementing price caps and integrating external oracles to guard against manipulations.
The allegations of price manipulation concerning XPL cast doubt on Hyperliquid’s transparency. The market demands stricter protocols to protect against manipulative practices, and upcoming updates could help restore confidence in the platform.
