We traced @papertrade_xyz’ biggest loser to a $33M loan against 744,054 $HYPE two hours before @mlmabc did, and published everything except the name. MLM published the name: most likely @TechnoRevenant. We had our reasons, and they are dated 26 Aug 2025. The lore, for anyone who joined after @Plasma : - 21:36 UTC. XPL pre-market on Hyperliquid, thin book. A wallet that had been loading since 24 Aug sweeps it, and XPL goes from $0.60 to $1.80 in minutes. Binance's pre-market barely moves. - A 1x short is liquidated at roughly double its entry. Shorts from around $0.57 went between $1.10 and $1.20, and the wick ran 50% past that. - 21:53 UTC. The same wallet starts selling, 17 minutes after its first buy. - Open interest drops from $153M to $22M. MLM's count is $159M liquidated across 1,026 accounts. Analysts put the long side's profit above $46M and later clustered the wallets under one name. - The named casualties were hedgers. chunibro posted a $1.5M loss on a 1x short. CBB posted $2.5M on a 1x short covering 10% of his XPL. - No fund has confirmed a loss. One report has Nansen's Alex Svanevik flagging @SeliniCapital as the second-largest loss on the XPL board, in a post he then deleted. Four days later @gametheorizing hosted Selini's Dim Selk on @0xSteadyLads, in an episode with a chapter called "DMs From The Whale". - @HyperliquidX reported zero bad debt. XPL marks $0.082 today, 95% below that wick. So if MLM has the name right, the DJ who cleared a 1,026-account dance floor in one set is now paying cover at a 1000x paper casino: -$1.71M of trading, on $7.3M of borrowed money. @TechnoRevenant, the attribution is MLM's and only the arithmetic is ours. 😉 We have all been dancing to techno ever since. 🫡

PSA the ledger incident isn't limited to Asia This is a device purchased in store from an official reseller in Europe (a legitimate device doesn't have any of these cables as can be seen in picture 2) This even seems to be an old version of the 'spy implant' even though the device was purchased a couple of weeks ago. The newer versions usually hide the implant by the screen so it's easier to miss What's interesting is that this compromised ledger never transfered funds to an exploiter. Either the device didn't work or they were waiting for a more widespread usage of the comprised devices? If you own a ledger that didn't directly come from the ledger online store make sure to not just rely on the software genuinely check by ledger but to actually open up the ledger yourself to make sure its original, again there are reported cases in Asia, south America and now Europe as well. @MagicalTux made some useful videos on how to open the ledger and what to look for.