Lightning Rally, Faster Crash At 05:50 a.m. Beijing time on 27 August, the decentralized perpetuals exchange Hyperliquid witnessed a textbook manipulation event. Its pre-launch market for token XPL rocketed almost 200 % in five minutes—from $0.60 to a fleeting $1.80—then collapsed just as quickly. The move wiped out $17.67 million in short positions and left the broader market untouched; CEXs such as Binance and Bitget recorded no comparable price action.Two Wallets, $27.5 Million Profit On-c...

Lightning Rally, Faster Crash At 05:50 a.m. Beijing time on 27 August, the decentralized perpetuals exchange Hyperliquid witnessed a textbook manipulation event. Its pre-launch market for token XPL rocketed almost 200 % in five minutes—from $0.60 to a fleeting $1.80—then collapsed just as quickly. The move wiped out $17.67 million in short positions and left the broader market untouched; CEXs such as Binance and Bitget recorded no comparable price action.Two Wallets, $27.5 Million Profit On-c...