PANews reported on August 27th that, according to market sources, an address suspected of being linked to Justin Sun had long millions of dollars in $XPL on Hyperliquid, emptying all order books and causing all accounts to be liquidated. The address then proceeded to close its positions, profiting $16 million in a single minute. The price of $XPL soared to $1.80, a gain of over 200% in two minutes.

According to analysis by @ai_9684xtpa, address 0xb9c...6801e went long on millions of XPL on Hyperliquid starting at 05:35 AM, completely wiping out the entire order book and squeezing out all short positions (primarily 1x hedges), generating a profit of $16 million in just one minute. The funds for this address primarily came from two sources: 4.99 million USDC transferred from address 0x5dE...c03c3 three hours ago, and 10.98 million USDT transferred from address 0xae0...97150 via DeBridge prior to today.

Rumors linking it to Justin Sun stem from tracing back to the source of funds. This address previously transferred ETH to an address associated with Justin Sun five years ago, but there's no direct evidence proving it's Sun's address. The address has been accumulating long positions since August 24th, but these were small and the position size was minimal, so it didn't cause any volatility. Currently, the address still holds $8.58 million worth of 1x XPL long positions, with a floating profit of $620,000.