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At its core, using Web3 infrastructure to host the time-tested business logic of Web2 models is the same playbook behind some Web3 projects that “back-door list” and the recent wave of U.S. public companies stockpiling crypto assets. Take a look at the projects now favored by primary-market investors and you’ll notice a common thread: they all lean toward hybrid innovation, plugging proven Web2 business logic into Web3 rails. • Lightyear ports the logic of traditional equity ETFs on-chain. • ...
PrismaX: The $11M Super Project Surging in Popularity with Unlimited Potential!
Project IntroductionPrismaX is an innovative blockchain project dedicated to delivering efficient and transparent decentralized services. Leveraging smart contracts and cross-chain interoperability, it supports diverse digital asset management and financial applications while optimizing transaction efficiency and scalability. Built with a modular architecture, PrismaX prioritizes security and user experience. Its native token, PMX, powers community governance and ecosystem incentives, driving...
A Comprehensive Analysis of Dubai’s RWA Regulation: From Licensing to Sandbox Implementation
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XPL: The Five-Minute 200 % Spike and $27.5 M Harvest on Hyperliquid
Encrypting Legacy Business: Hybrid Innovation Becomes Web3’s Main Narrative
At its core, using Web3 infrastructure to host the time-tested business logic of Web2 models is the same playbook behind some Web3 projects that “back-door list” and the recent wave of U.S. public companies stockpiling crypto assets. Take a look at the projects now favored by primary-market investors and you’ll notice a common thread: they all lean toward hybrid innovation, plugging proven Web2 business logic into Web3 rails. • Lightyear ports the logic of traditional equity ETFs on-chain. • ...
PrismaX: The $11M Super Project Surging in Popularity with Unlimited Potential!
Project IntroductionPrismaX is an innovative blockchain project dedicated to delivering efficient and transparent decentralized services. Leveraging smart contracts and cross-chain interoperability, it supports diverse digital asset management and financial applications while optimizing transaction efficiency and scalability. Built with a modular architecture, PrismaX prioritizes security and user experience. Its native token, PMX, powers community governance and ecosystem incentives, driving...
A Comprehensive Analysis of Dubai’s RWA Regulation: From Licensing to Sandbox Implementation
Amidst the global trend of regulating virtual assets, Dubai has emerged as a crucial hub for Real-World Assets (RWA) due to its forward-looking strategies. This article delves deeply into Dubai’s RWA regulatory framework, covering the regulatory frameworks of VARA and DFSA, types of licenses and business scopes, the approval process for ARVA issuance, requirements for reserve assets, disclosure details, and DFSA’s newly launched tokenization regulatory sandbox program. It provides a comprehen...
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-chain forensics via HypurrScan reveal a two-pronged attack:
Address 0xb9c… began building a position two days earlier, funneling 10.98 million USDC into Hyperliquid in six tranches, then adding another 4.99 million USDC at 05:35. Between 05:36 and 05:53 the wallet layered leveraged longs—$20 k to $200 k clips—then closed them into the spike. After price retraced to ~$0.60 it reopened longs. Net haul: ~$16 million.
Address 0xe417… (DeBank: silentraven) quietly amassed 21.1 million XPL at an average entry of $0.56 using $9.5 million in margin. When cascading liquidations triggered at $1.1–$1.2, the position auto-closed for a $12.5 million gain.
Combined, the duo extracted $27.5 million in roughly 30 minutes.
Rumors briefly linked the wallets to Justin Sun because of a five-year-old ETH transfer to a Sun-associated address; no direct evidence has surfaced.
Structural Fault Lines Exposed
Single-Oracle Risk
Hyperliquid derives its mark price solely from its internal order book. With no external reference, a determined actor can push price through liquidation thresholds at will.
No Position-Size Limits
Absent per-user caps, whales can accumulate outsized exposures and effectively become the market.
Illusion of “Safe” Hedging
Low-leverage shorts—1× “hedges” widely viewed as low-risk—proved lethal. One user (@Cbb0fe) lost $2.5 million on a 10 % hedge despite posting ample collateral, vowing “never again to touch an isolated market.”
Take-Away: Respect the Edge Cases
The XPL episode is more than a manipulation case study; it is a live-fire demonstration of weaknesses in DeFi perpetuals: brittle oracles, absent concentration controls, and leverage that turns even conservative strategies into cannon fodder. Until protocols harden these rails—and traders price tail risks accordingly—the next five-minute storm is only a whale away.
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-chain forensics via HypurrScan reveal a two-pronged attack:
Address 0xb9c… began building a position two days earlier, funneling 10.98 million USDC into Hyperliquid in six tranches, then adding another 4.99 million USDC at 05:35. Between 05:36 and 05:53 the wallet layered leveraged longs—$20 k to $200 k clips—then closed them into the spike. After price retraced to ~$0.60 it reopened longs. Net haul: ~$16 million.
Address 0xe417… (DeBank: silentraven) quietly amassed 21.1 million XPL at an average entry of $0.56 using $9.5 million in margin. When cascading liquidations triggered at $1.1–$1.2, the position auto-closed for a $12.5 million gain.
Combined, the duo extracted $27.5 million in roughly 30 minutes.
Rumors briefly linked the wallets to Justin Sun because of a five-year-old ETH transfer to a Sun-associated address; no direct evidence has surfaced.
Structural Fault Lines Exposed
Single-Oracle Risk
Hyperliquid derives its mark price solely from its internal order book. With no external reference, a determined actor can push price through liquidation thresholds at will.
No Position-Size Limits
Absent per-user caps, whales can accumulate outsized exposures and effectively become the market.
Illusion of “Safe” Hedging
Low-leverage shorts—1× “hedges” widely viewed as low-risk—proved lethal. One user (@Cbb0fe) lost $2.5 million on a 10 % hedge despite posting ample collateral, vowing “never again to touch an isolated market.”
Take-Away: Respect the Edge Cases
The XPL episode is more than a manipulation case study; it is a live-fire demonstration of weaknesses in DeFi perpetuals: brittle oracles, absent concentration controls, and leverage that turns even conservative strategies into cannon fodder. Until protocols harden these rails—and traders price tail risks accordingly—the next five-minute storm is only a whale away.
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