XPL's price suddenly tripled, and the bulk of the losses are likely in the Benmo community. 1️⃣ Background XPL has been running promotions in the Benmo community for the past few days, even leaving a loophole for people to mine, withdraw, and sell. Everyone was excited to open multiple accounts and go all-in with large sums of money. 2️⃣ Hedging Everyone definitely hedged after mining, with millions upon millions of dollars in hedges. I didn't expect it to get blown out. 3️⃣ Root of the Problem The root cause of this problem lies in the Hyperliquid contract price. How is the price of its XPL contract calculated? As shown in the chart, Hyper's price is primarily based on Binance, but another factor is its own price. If you maintain a fixed price within Hyper, the "mark price" will also change. Also, with margin calls, there will be a chain reaction of stampedes. 4️⃣ Conclusion Although this was a joke, it's true. "CEX is still better; you can defend your rights." You want interest, the market makers want your principal. Finally, I hope everyone in this group will receive compensation. 🙏