The post Seven Wallets Exploit Hyperliquid Liquidity To Net $2.78M In Minutes With XPL Pump appeared on BitcoinEthereumNews.com.

A group of seven crypto wallets has pulled off a highly coordinated trade on Hyperliquid, walking away with an estimated $2.78 million profit in a matter of minutes. The strategy, while simple in structure, highlights the growing risks tied to illiquid perpetual markets. According to on-chain data, the wallets collectively deposited around $1.85 million in USDC into the platform before opening leveraged long positions on the XPL perpetual market. The target was clear from the start, capitalize on the thin liquidity of the asset and trigger a sharp upward move. With limited depth in the order book, even moderate buying pressure proved enough to push prices aggressively higher. The coordinated nature of the trades amplified the effect, allowing the group to effectively manufacture momentum in their favor. THEY MADE $3 MILLION MANIPULATING $XPL 7 accounts deposited a total of $1.85M to Hyperliquid to manipulate XPL. They pushed the XPL price up with leverage longs, then they withdrew a total of $4.63M from their collateral balances at exactly the same time, making $2.78M. pic.twitter.com/bdfevNf824 — Arkham (@arkham) April 3, 2026 Illiquid Market Conditions Amplify Price Movement The success of the trade largely hinged on one key factor: illiquidity. XPL, traded on Hyperliquid as a perpetual contract, lacked the depth required to absorb large, sudden positions without significant price impact. In such environments, price discovery becomes fragile. When multiple large positions are opened simultaneously, the resulting pressure can send prices surging far beyond their natural levels. This is exactly what played out during the incident. By concentrating their buying power, the seven wallets were able to create a rapid price spike. The move was not driven by organic demand but by deliberate positioning designed to exploit the mechanics of the market. This kind of behavior exposes a structural weakness in smaller perpetual…

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Filed under: News - @ April 4, 2026 4:16 am