TechFlow news, on August 27, according to on-chain analyst Ai Aunt (@ai 9684xtpa), a wallet address (0xb9c...6801e) began aggressively going long on $XPL tokens on the Hyperliquid trading platform at 5:35 AM, sweeping up the entire order book within a short time and forcing a squeeze on short positions in the market (primarily 1x leverage hedging orders). This move caused the price of $XPL to surge over 200% within two minutes, peaking at $1.80, allowing the address to profit $16 million in just one minute.
Fund source analysis shows that the capital for this operation mainly came from two sources: 4.99 million USDC transferred three hours earlier from address 0x5dE...c03c3, and 10.98 million USDT previously bridged cross-chain via DeBridge from address 0xae0...97150.
Market rumors link this activity to Justin Sun, as tracing the fund flow revealed that this address had transferred ETH to an address associated with Justin Sun five years ago, though there is currently no direct evidence confirming this connection.
Notably, this address had already begun establishing small, multiple long positions in $XPL starting August 24, but due to the relatively small size, it did not trigger market fluctuations. Currently, the address still holds $XPL long positions worth $8.58 million at 1x leverage, with unrealized profits of approximately $620,000.
