PANews reported on April 3 that, according to Arkham's monitoring, seven accounts deposited a total of $1.85 million into Hyperliquid to leverage and drive up the price of XPL. They then simultaneously withdrew a total of $4.63 million from their collateral balance, making a profit of approximately $2.78 million.

Previously, according to HyperInsight monitoring, XPL experienced a sharp rise followed by a 40% flash crash, with five insider addresses profiting $1.6 million and exiting the market.