COINOTAG reported on August 27 that an on-chain analyst traced a chain of transfers linking a suspected manipulative address to an ETH transfer sent five years ago to an address historically associated with Justin Sun, though no direct attribution has been established. Independent on-chain data confirm that coordinated large-long activity on Hyperliquid pushed XPL to roughly $1.80, triggering concentrated liquidations and an estimated collective profit nearing $38 million for multiple whale wallets. Timestamped activity shows a wallet at 05:35 executed an order book sweep, forcing short liquidations and later reducing positions to realize about $16 million within one minute. Market participants should treat the reported linkage as circumstantial provenance rather than conclusive attribution while monitoring on-chain metrics for further verification of any XPL price manipulation.
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