Plasma (XPL)

7 wallets deposited $1.85 million into Hyperliquid yesterday and walked out with $4.63 million.

> The token was XPL, the native token of Plasma, a blockchain backed by Bitfinex and Tether's sister company.

> It was trading as a futures contract on Hyperliquid before its mainnet had even launched.

> No deep order book. No external price feed to keep it honest. Just a thin market with one price anchor.

> 7 coordinated wallets deposited $1.85 million in USDC through Hyperliquid's bridge.

> They opened highly leveraged long positions on XPL perpetuals.

> In a thin market, they became the price.

> Shorts started getting liquidated. Forced buying pushed the price higher. Higher price triggered more liquidations.

> The cascade ran itself.

> Then all 7 wallets withdrew $4.63 million from their collateral balances at exactly the same time.

> Same timestamp. 7 different addresses.

> $2.78 million in profit. On-chain. Irreversible.

> Hyperliquid's own liquidity pool absorbed $600K in losses.

> Hyperliquid said the system worked as designed.

The $2.78 million is gone. The wallets are already labeled on Arkham. This is what manipulation looks like when there are no rules.

Not just a trade this exposes how fragile liquidity can be in smaller perps markets.