The on-chain contract depth is still a bit small.
It's best not to put large funds into small coin contracts,
this applies whether on DEX or CEX!
Everyone, don't forget the case of malicious liquidation of $La by @Elizabethofyou and @BTC_Alert_
on @Gate!
Additionally, my personal analysis: the exchange's backend data is basically a closed book, regarding targeted liquidation of small coins (especially for new coins that go live), when large funds come in, they will eat it first, that's just how brutal and ruthless it is!
It's basically impossible for you to profit and exit with large funds on exchange contracts.
(Especially referring to a certain small exchange 😂)
Exchange: You earning is not as good as me earning, after all, you're on my turf!
The price of $XPL is being manipulated on @HyperliquidX, resulting in a liquidation of $2 million.
At 5:35 AM this morning, the perpetrators deposited $5 million USDC into Hyperliquid, and then immediately started going long with positions ranging from about $5 to $500,000, pushing the price of $XPL up to $1.8, while the highest contract price on Binance only reached 0.6176.
The partners' positions on Hyperliquid were liquidated at a peak of $2 million. Ultimately, the perpetrators leveraged millions of $XPL to manipulate the entire XPL market, making a quick profit of $10 million.
Now the perpetrators have already started withdrawing funds. Previously, due to issues with unrealized gains and losses, the HLP treasury ended up losing. This time, due to manipulation issues, the losses are being borne by the customers' real money.
@HyperliquidX still has not taken any action, and the perpetrators' withdrawals have started to arrive. If it were Binance @binancezh, any trading pair with a position exceeding a certain market proportion would have restrictions on orders, along with other risk control measures.
The problems with Hyperliquid are undeniable, and now various competing DEXs are emerging. If @HyperliquidX cannot provide a satisfactory response to users this time, it may struggle to maintain its position as the leading DEX.
The perpetrators' address is still in operation:
2.15K
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