The TechnoRevenant is an unknown actor who gathered about $300 million in seven days. This actor took advantage of sharp movements in the token XPL on the Hyperliquid platform. A relevant episode took place on August 27, 2025.
What happened on August 27, 2025
An order, thought to be a “fat-finger” error, sent the price high and caused many liquidations in derivatives. On Hyperliquid, the price of XPL went up fast, with reports showing peaks near 200 %.
After this, a fall occurred – this fall created losses and made leveraged positions close. In 20 minutes, a large profit, connected to the wrong order, was seen. According to Phemex, that trade gave about $38 million. The quick movement plus the low liquidity of XPL made the market impact larger.
Why the episode raises questions
The idea of “human error” exists with the idea of planned exploitation. Several things fuel the debate. One is the size of the position. Reports show control of a large part of long positions in XPL, which makes price movement easier. Another is the link with leverage. Orders waiting and high leverage made the liquidations bigger. Accumulated gains from movements in other assets that same week raised the total return to about $300 million according to several news outlets.
Holdings in WLFI and reputational risks
In addition to XPL, the entity held positions in WLFI. This token connects to World Liberty Financial and has public political ties. Reports show a pre sale investment near $15 million, which grew in value when the token began to trade. That connection adds difficulty to understanding motives but also reputational dangers.
Market vulnerabilities and potential responses
The case shows how markets with lower depth are open to large actors and operational mistakes. If planned control is found, investigations and reviews of controls could start on platforms like Hyperliquid. The community asks for better safety as well as the ability to track actions.
Lessons for traders
For traders, the lesson is clear – control exposure in leveraged settings and make risk management better. The case highlights the importance of monitoring position size, leverage and market depth to avoid catastrophic losses.
The TechnoRevenant episode shows the focus of power in some crypto markets and the immediate need for clear technical plus operational information. Keeping the financial control of the ecosystem requires putting together clear rules, audits along with tools that lessen the impact of mistakes or maneuvers on regular users and market honesty.
