yo they really fucking with my bags
"when" xpl holders come out of this run we will be the most battle hardened psychotic crypto asset holders this degenerate world has ever seen
𝙋𝘼𝙉𝙄𝘾 retweeted
In the 8 minutes before XPL dropped 18% today, 11 Hyperliquid accounts pulled $1.62M of margin out of their XPL longs.
Then they let the $12M position get liquidated into HLP at mark price.
HLP ate ~$0.6M.
Fresh accounts funded via CCTP. Test withdrawals 20-50 min before. 7 rejected withdrawals while scraping the margin to the limit. $0 left after.
Looks planned. Whether the same operator was short on Binance, I can't see.
Timeline (Nov 1, UTC) 👇
Oct 29-31
9 of the 10 largest accounts are created, each funded once via CCTP with $145k-$243k. On Hyperliquid the sender only shows as Circle's deposit wallet.
03:45-04:15
10 of the 11 make test withdrawals of $500-$1.6k.
04:24-04:32
10 accounts withdraw $98k-$232k each, $1.62M total.
7 more attempts get rejected: "Insufficient balance for withdrawal".
Every dollar the margin check allows comes out. The longs stay open.
04:32
XPL -18% in 1 minute, 0.086 to 0.0705.
$11.2M (144M XPL) trades on Binance perps in that minute.
Hyperliquid itself barely trades.
04:32:50-04:32:59
All 11 get liquidated into the HLP backstop vault, plus 19 small accounts.
160M XPL / $12.2M taken over at avg 0.0759, in a minute that printed a 0.0705 low.
After
All 11 accounts: $0.
Backstop vault: $1.00M to $0.44M while unwinding.
HLP daily PnL: +$21k to -$655k (~0.4% of the vault).
Why it works
Dumping $12M of XPL into the HL book would wreck your own exit.
Drain the margin first, and a small move is enough to trigger liquidation.
Liquidation hands the whole position to HLP at mark with zero slippage. HLP eats the drop after.
Same playbook as the Mar 2025 ETH whale that cost HLP $4M.
If they were also short on Binance, the crash itself was the profit.
Addresses + fills in the reply.
$HYPE $XPL
𝙋𝘼𝙉𝙄𝘾 retweeted
As it turns out, crypto being regulated and supported by governments might be a better outcome than running away from them.
Years of decentralization theatrics, not your keys, not your crypto, hardware wallets, governance, etc mean very little when customers / businesses keep losing money to hackers / scammers.
Being able to freeze hacked or stolen funds, recover assets, reverse txns and protect customers should be a feature, not something that goes against cryptos ethos. Obv a fine line between government overreach vs pure decentralization
At the end of the day, every time someone loses money, we risk losing that user forever. And the more users we churn, the lower the chances of crypto actually succeeding.
Decentralization still matters, but we likely spent too much time optimizing for it, e.g like thorchain or Tornado Cash, where bad actors can take far more advantage of permissionless infra vs the avg user
While we spent far less time optimizing for customer centric features like trust, safety, fraud prevention, and recovery, which are arguably far more important for mass adoption.
content creators, this one is basically free money
you're making stuff about a product most of crypto already uses every day, so you never have to fake interest in it or stretch for a hook
and you're spoilt for choice on what to actually cover (memecoins, perps, the tcg gacha, callout rewards, whatever lane suits you)
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𝙋𝘼𝙉𝙄𝘾 retweeted
I still remember the day Paul Tudor Jones came out and called Bitcoin the fastest horse in the race.
It was May 2020. Bitcoin was at $9k. That moment changed everything for Bitcoin.
PTJ's public call forever eliminated the career risk for hedge funds to buy BTC.
Bitcoin went on to 10x over the next year.
Druck investing in trade xyz is that moment for all of onchain capital markets.
The career risk for all funds to participate in onchain capital markets is now zero. "If druck is doing it, I can too"
I wouldn't be surprised to see onchain market volume 10x from here.
Welcome to the next stage of the bull market.
𝙋𝘼𝙉𝙄𝘾 retweeted
I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.
𝙋𝘼𝙉𝙄𝘾 retweeted
Kamino already has a commanding lead in tokenized equity deposits in the lending vertical.
First xStocks vault integration with Kraken, now Backpack integration.
Backpack is one of the leading tokenized equity issuers and also is expanding in the US markets to offer a compelling “everything exchange” that I imagine will leverage Solana similar to how Coinbase is leveraging Base and Robinhood with RH chain.
From where I’m standing, solana:KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS is one of the purest bets on onchain tokenized equity growth and the best R/R. It is an issuer-agnostic marketplace.
Disclosure: Effort Cap unfortunately did not seed, but is long Kamino.
Introducing the Backpack Market on Kamino.
Kamino is expanding loans backed by tokenized equity on Solana with @Backpack Securities, bringing 1:1-backed, redeemable tokenized U.S.-listed equities directly into onchain credit markets.