On Nov 1 around 04:32 UTC, XPL fell about 18-20% in a minute, from $0.0864 to $0.0705, while Binance perps printed about $11m volume (144m XPL) and Hyperliquid itself barely traded, according to tracker kenni.hl in this post.

On Nov 1 around 04:32 UTC, XPL fell about 18-20% in a minute, from $0.0864 to $0.0705, while Binance perps printed about $11m volume (144m XPL) and Hyperliquid itself barely traded, according to tracker kenni.hl in this post.

In the 8 minutes before, 11 linked Hyperliquid accounts withdrew $1.62m of margin from XPL longs, after $500-$1.6k test withdrawals, with 7 more withdrawals rejected for insufficient balance, leaving longs open.

At 04:32:50-04:32:59 UTC all 11 were liquidated into HLP, about 160m XPL / $12.2m taken at avg $0.0759 in a minute that printed $0.0705 low, leaving $0 on the cluster accounts.

HLP unwound near $0.0725: daily PnL from +$21k to -$655k, about $556-655k loss or about 0.4% of the vault, with backstop vault $1.00m to $0.44m while unwinding.

The trick, per kenni.hl: drain margin first so a small move triggers liquidation at mark with zero slippage, HLP eats the drop after, same playbook as the March 2025 ETH whale that cost HLP $4m.

The accounts were created Oct 29-31 and funded once via CCTP at $145k-$243k, sender shown only as Circle deposit wallet; Naeven_ adds 14 of 16 wallets got funds from Binance two months ago.

Whether it was planned: kenni.hl says it looks planned given fresh accounts, tests and scraping to the limit, but whether the same operator was short on Binance is unseen, so intent and Binance-short profit are analyst inference, not proof. Hyperliquid and Plasma had not commented.