11 Hyperliquid accounts pulled $1.62M in margin minutes before XPL fell 18%, triggering $12.2M liquidation

The author argues the episode was planned: 11 accounts were created Oct 29-31, funded via Circle's CCTP deposit wallet with $145k-$243k each, made small test withdrawals, then drained $1.62M of margin minutes before XPL fell 18% in one minute (0.086 to 0.0705), with $11.2M trading on Binance perps that minute. All 11 accounts were liquidated into the HLP backstop vault, which absorbed 160M XPL ($12.2M) at avg 0.0759 and fell from $1.00M to $0.44M while unwinding. The author notes a similar March 2025 ETH whale playbook cost HLP $4M, but cannot confirm whether the operator was short on Binance.

✨ AI summary of the linked source — not editorial content.

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