Two recent eye-catching events—the volatile XPL “arbitrage” on Hyperliquid, a leading DEX, and the launch of the Trump family-led WLFI project—have been revealed to share a connection through a single, mysterious figure: an anonymous trader known as TechnoRevenant.
While his identity remains unknown, his actions are loud—he amassed nearly $300 million in on-chain profits in just one week.
The WLFI Connection and a $245M Position
SponsoredMonday evening, WLFI began trading on major global crypto exchanges, causing Ethereum gas fees to spike above 100 Gwei for the first time in months. The wallet address moonmanifest.eth, holding a billion WLFI tokens, began to claim its share.
Chinese media Blockbeats cited on-chain tracking services like Etherscan and reported that this address belonged to an X user, TechnoRevenant, the trader who famously profited $38 million on Hyperliquid just a week earlier.
Sources reveal that TechnoRevenant has been involved with the World Liberty Financial project since January 2025, even before Donald Trump took office. He was an early backer, investing $15 million in the first token sale.
He accumulated 1 billion WLFI tokens. On September 1, when WLFI officially started trading, he claimed 200 million, with the remaining 800 million still locked. At the current price of $0.245, his 1 billion WLFI is worth $245 million, representing an 8- to 16-fold return on paper on his initial investment.
SponsoredThe “Fat-Finger” Incident on Hyperliquid
Beyond his connection to the Trump family’s project, TechnoRevenant stunned the market with a massive, and supposedly accidental, profit on Hyperliquid. On the morning of August 27, the decentralized derivatives exchange saw an irrational price spike in the Plasma project token, XPL.
This surge triggered mass liquidations that affected more than 1,000 traders. Over two hours, the liquidations wiped out approximately $159 million in positions. Investigators found several addresses that bought large token quantities. These purchases apparently attempted to manipulate the illiquid XPL pre-market.
TechnoRevenant claimed to be a mere “beginner” and insisted his trade was a “fat-finger” accident. However, a closer look at his transactions raises questions about his defense. While he was bullish on XPL, he didn’t participate in the presale. He says he began accumulating after Hyperliquid opened pre-market perpetual contract trading, using three separate wallets to buy at $44,000 per session. This strategy reportedly allowed him to collect 54.4 million XPL over two days, worth between $31 million and $33 million.
But in a single 15-second window from 5:36:05 to 5:36:20 am, he allegedly made a “mistake.” He claimed he was “drowsy” and accidentally added an extra “4” ten times to his buy order. This turned a $44,000 purchase into a $4.44 million order. His massive buy-in totaled 7,288,505 XPL tokens. This represented 77.37% of all long positions at that time. The order sent the price soaring by 10.8% in just one minute.
SponsoredHe panicked, borrowing $3 million to cover a potential liquidation, but didn’t realize his position was too big to be at risk. Hyperliquid’s auto-deleveraging mechanism kicked in, and he continued buying in $45,000 increments for another 15 minutes before slowly closing his long positions. In the end, he walked away with a $38 million profit.
As of now, he still holds over $30 million in XPL long positions, accounting for 87% of the total open interest on Hyperliquid. He has a $26 million war chest ready for more buys, which has caused XPL’s price on Hyperliquid to maintain a 20-30% premium over other exchanges.
Opportunist? Or Market Manipulator?
SponsoredTechnoRevenant’s actions have sparked a fierce debate in the crypto community. His supporters praise him as a legendary trader with an unmatched feel for the market. Influencers like Zhu Su have defended him, stating his actions were just “normal trading behavior.” Still, critics argue that he used his deep pockets to manipulate a fragile market.
On-chain data adds another layer to the mystery. His wallet, moonmanifest.eth, had eight USDC transfers totaling $27 million with Jump Trading and showed frequent interactions with major market makers like Wintermute and Amber.
SponsoredHe also invested $15 million in WLFI’s earliest stages, when its token lock-up and listing status were highly uncertain. These clues suggest TechnoRevenant is not an ordinary retail investor but a professional trader with institutional backing.
This case has also raised concerns about the on-chain “pre-IPO” model. As banterlytics noted on X, “You’ve seen TechnoRevenant already have such a large impact on a token’s pre-market. Imagine what would happen on a pre-IPO with even more insider information.”
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