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.
