7 Days, $300 Million in Revenue: Is TechnoRevenant a Pump-and-Dump or the New King of On-Chain?
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7 Days, $300 Million in Revenue: Is TechnoRevenant a Pump-and-Dump or the New King of On-Chain?
This mysterious figure, who uses a bionic avatar and loves Techno music, earned nearly $300 million from the on-chain market in just one week.
Navigating Web3 tides with focused insightsAuthor: BUBBLE, BlockBeats
Recently, two topics have sparked the most discussion on-chain: one is the XPL "arbitrage incident" involving top Perp DEX Hyperliquid, and the other is the launch of WLFI led by the Trump family. Amid both discussions, a name repeatedly surfaced—TechnoRevenant. No photos of him exist online, his real name remains unknown, and his background is unclear. Yet this mysterious figure, who uses a cyborg avatar and loves Techno music, earned nearly $300 million from on-chain markets within just one week.
Who exactly is TechnoRevenant—who made $38 million in 20 minutes while Hyperliquid users lost over $100 million, and had already invested $15 million early this year to become a major holder of WLFI? And how did he do it?
The “Fat-Finger” of a WLFI Whale
On the evening of September 1, as many pre-sale participants rushed to claim their WLFI tokens hoping to sell at the high opening price—causing Ethereum gas fees to exceed 100 Gwei for the first time in a while—the address moonmanifest.eth calmly claimed its 1 billion WLFI tokens. Community investigation later revealed this was none other than TechnoRevenant, who gained fame last week for earning $38 million on Hyperliquid.
TechnoRevenant began positioning in the World Liberty Financial project as early as January 2025, when Trump had not yet officially taken office as U.S. President, and the project’s website “Gold Paper” stated WLFI could not be transferred. Nevertheless, using the wallet moonmanifest.eth, he invested 13 million USDC and 2.01 million USDT—totaling approximately $15 million—to participate in WLFI’s first public sale, acquiring around 1.5% of the total supply.
On September 1, 2025, after WLFI officially began trading, TechnoRevenant claimed 200 million WLFI as his 20% unlock portion, worth about $49 million, with the remaining 800 million still locked. At the current price of $0.245, his total 1 billion WLFI holdings are valued at $245 million, achieving paper gains of 8x to 16x.
Besides being a major holder of the Trump-family-backed project WLFI (worldlibertyfi), it was his "rookie" move on Hyperliquid—accidentally going long on XPL and reaping massive profits—that truly shocked the market.
The events of August 27, 2025, served as a brutal lesson for those hedging or shorting the Plasma project token XPL on Hyperliquid.
From 5:36 AM onward, over the next two hours, approximately $159 million in positions were liquidated on Hyperliquid, affecting more than 1,000 traders. Some noticed several addresses aggressively buying tokens to manipulate the thinly-liquid pre-market for XPL on Hyperliquid. However, afterward, TechnoRevenant—a "beginner" making his fifth-ever contract trade—stepped forward claiming it was merely an accidental "fat finger" mistake.
TechnoRevenant said that because he was bullish on XPL but hadn’t participated in the presale, he started building exposure once Hyperliquid launched its pre-market perpetual contract. Prior to this, he used three wallets to buy in increments of $44,000, accumulating 54.4 million XPL over two days—worth between $31 million and $33 million at the time.
However, between 05:36:05 and 05:36:20—within just 15 seconds—he claimed that due to drowsiness, he accidentally typed an extra "4" and repeated it ten times, increasing his intended purchase size from $44,000 to $444,000. This caused him to rapidly invest about $4.44 million to buy 7,288,505 XPL, accounting for 77.37% of the total long volume at that moment. The move pushed XPL’s price from $0.587 to $0.65 within a minute—an increase of 10.8%.
By the time he realized the error, the market had begun to dip slightly. He even borrowed $3 million as a precaution and attempted to close his long position, unaware that his large holding actually kept his position safe. During this period, Hyperliquid triggered its auto-deleveraging mechanism. Over the next 15 minutes, he continued buying in $45,000 increments before gradually closing his longs.
In the end, he earned $38 million from this trade and still holds long positions exceeding $30 million in XPL—accounting for 87% of Hyperliquid’s open interest—with another $26 million in reserve capital ready to keep buying. As a result, XPL’s price on Hyperliquid has consistently maintained a 20–30% premium over other exchanges.
A Bold Opportunist or a Market Manipulator?
TechnoRevenant’s moves have ignited fierce debate in the crypto community. Supporters hail him as a “legendary market reader,” praising his consecutive wins. The community has even meme-ified the “fat finger” incident, calling it “the greatest typo in history.” Despite causing significant losses for many traders, others argue he exploited no vulnerabilities but simply executed normal trading strategies.
Some influencers, including Zhu Su, noted that his actions didn’t exploit contract flaws but followed standard trading practices. Unlike other recent DEGEN traders, his trades appear more rational rather than purely speculative, leading many traders to follow his lead in going long on WLFI (whose FDV has since surged to $24.6B).
On-chain data shows moonmanifest.eth had eight USDC transfers with Jump Trading totaling $27 million and frequently interacted with top-tier market makers like Wintermute and Amber. Combined with his $15 million bet on WLFI during its earliest phase—when it was uncertain whether tokens could even be unlocked or transferred—these signs suggest TechnoRevenant may not be a retail trader but a professional with institutional backing.
This has further fueled concerns about the increasingly popular on-chain equity (Pre-IPO) model. KOL banterlytics commented on X: “Seeing how much influence TechnoRevenant exerted on the token’s pre-market, imagine what could happen if such manipulation occurred in Pre-IPO rounds with even more insider information.”
TechnoRevenant continues his on-chain money-printing spree, once again demonstrating how whales can easily manipulate illiquid markets. As we enter an era where everything goes on-chain, the impact may extend far beyond blockchain—it could affect regional real estate prices or the valuations of startups. Before welcoming this “new era,” the question of whether blockchain liquidity and mechanisms themselves can withstand such pressures will remain unavoidable.
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