Two of the most discussed on-chain topics recently are the "arbitrage event" of the top-tier Perp DEX Hyperliquid's XPL and the launch of the WLFI project led by the Trump family. Meanwhile, the name TechnoRevenant has emerged multiple times in these two topics. Although his photo cannot be found online, his real name is unknown, and his background is unclear, this mysterious individual who embodies a cyborg-like image and loves Techno music harvested nearly $300 million from the on-chain market in just one week.

Within 20 minutes of Hyperliquid users losing hundreds of millions of dollars, TechnoRevenant earned $38 million, and he had already invested $15 million at the beginning of the year to become a "whale" in WLFI. Who is TechnoRevenant? How did he achieve this?

The "Fat Finger" of WLFI Whales

On the evening of September 1, as many addresses that participated in the presale rushed to claim their WLFI tokens to sell at the peak price at launch, causing Ethereum gas fees to exceed 100 Gwei for a long time, the address holding 1 billion WLFI tokens, moonmanifest.eth, calmly claimed its tokens. It was later revealed by the community that this was the same TechnoRevenant who became famous last week for earning $38 million on Hyperliquid.

TechnoRevenant had already started laying the groundwork for the World Liberty Financial project back in January 2025, before Trump officially took office as President of the United States, and when the official website's "Gold Paper" stated that WLFI could not be transferred. However, TechnoRevenant still invested approximately $13 million USDC and $2.01 million USDT through the wallet moonmanifest.eth, totaling about $15 million to participate in the WLFI initial public offering, purchasing approximately 1.5% of the total supply.

On September 1, 2025, after WLFI officially started trading, TechnoRevenant claimed 200 million WLFI tokens as a 20% unlock allocation, worth approximately $49 million, while the remaining 800 million tokens remained locked. At the current price of $0.245, the total value of his 1 billion WLFI tokens reached $245 million, achieving a paper gain of 8-16 times.

In addition to being a major holder of the Trump family project WLFI (World Liberty Financial Initiative), it was his unexpected and generous return from longing XPL on Hyperliquid as a "contract newbie" that truly surprised the market.

What happened on the morning of August 27, 2025, was a brutal lesson for those hedging or shorting the Plasma project token XPL on Hyperliquid.

Starting at 5:36 AM on August 27, for the next two hours, about $159 million in holdings on Hyperliquid were liquidated, affecting over 1,000 traders. Some noticed several addresses buying a large amount of tokens to "manipulate" the low-liquidity XPL pre-market on Hyperliquid. However, afterward, this "newbie" TechnoRevenant, in his fifth contract operation, came forward to admit that this was the result of his "fat-finger" accident.

TechnoRevenant mentioned that he was bullish on XPL but didn't participate in the presale. Therefore, he began to build a position in the perpetual contract market on Hyperliquid, where he accumulated a sizable exposure by buying in three wallets at a scale of $44,000 each time. In two days, he accumulated holdings of 54.4 million XPL, valued between $31 million and $33 million at the time based on market prices.

However, in a brief 15-second window from 05:36:05 to 05:36:20, he claimed that due to being "bleary-eyed," he accidentally added an extra "4" to the purchase amount and repeated it ten times, increasing his single purchase amount from $44,000 to $444,000. He aggressively bought 7,288,505 XPL for approximately $4.44 million, accounting for 77.37% of the total longing volume at the time. This action also caused the XPL price to surge from $0.587 to $0.65 within a minute, representing a staggering 10.8% increase.

When he realized the issue, the market began to slightly retreat. He even nervously borrowed $3 million just in case and attempted to close his long position, but he didn't realize the extent of his holdings, making his long position safe. During this period, Hyperliquid initiated automatic deleveraging, and he continued to buy in with a $45,000 volume each time for the next 15 minutes before gradually closing his longs.

Finally, in this transaction, he made a profit of 38 million US dollars, and as of now, he still holds over 30 million US dollars' worth of XPL long positions, accounting for 87% of the open interest on hyperliquid, with an additional 26 million US dollars in bullets ready to keep buying. This has kept the XPL price on Hyperliquid consistently at a 20-30% premium compared to other exchanges.

Is He a Radical Opportunist or a Market Manipulation Butcher?

TechnoRevenant's actions have sparked intense debates in the crypto community. Supporters hail him as a "god-tier market interpreter," praising his consecutive wins. The community even turned the "fat finger" event into a meme, calling it the "best typo in history." While many traders suffered significant losses, the community discussed his use of large funds to manipulate the market.
However, some opinion leaders, including Zhu Su, argue that he did not exploit a contract vulnerability but engaged in normal trading behavior. Moreover, unlike other recent DEGEN contract traders, his trades were more rational than radical, leading many traders to follow him in longing WLFI operations (now with a market cap of 24.6 billion US dollars).

According to on-chain data, moonmanifest.eth had 8 USDC transfers back and forth with Jump Trading, totaling 27 million US dollars, frequently interacted with top market makers such as Wintermute and Amber, and heavily invested 15 million US dollars in WLFI in its ultra-early stage without confirmation if the token could "unlock transfer." These signs suggest that TechnoRevenant may not be an ordinary retail trader but a professional trader with an institutional background.

This has also further raised concerns in the community about the recent hot trend of on-chain equities (Pre-IPO) trading. KOL banterlytics expressed on X, saying, "Seeing TechnoRevenant already having such a significant impact on the token's premarket, imagine what would happen on more insider-heavy Pre-IPOs."

TechnoRevenant's on-chain antics of wild 'Print Money' behavior continue, as this mysterious trader once again demonstrates how whales can easily manipulate a market with weak liquidity. With the arrival of the age of everything being on-chain, the on-chain ripple effects may extend beyond the chain itself; it could impact a region's housing prices or influence a startup's valuation. Whether the blockchain's liquidity and mechanisms can withstand these impacts before we embrace the 'new era' will be a topic we cannot ignore.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia