In 7 days, it amassed 300 million dollars. Is TechnoRevenant an insider or the new on-chain king?

Written by: BUBBLE, BlockBeats

Recently, two topics have sparked the most discussion on-chain: one is the XPL "arbitrage incident" of the leading Perp DEX Hyperliquid, and the other is the project launch of WLFI, led by the Trump family. The name TechnoRevenant has appeared multiple times in relation to these two topics. There are no photos of him online, his real name is unknown, and his background is unclear, yet this mysterious figure, who loves Techno music and embodies a cyborg image, has amassed nearly 300 million dollars from the on-chain market in just one week.

Who is TechnoRevenant, who earned 38 million dollars while Hyperliquid users lost over 100 million dollars in just 20 minutes, and had already invested 15 million dollars at the beginning of the year to become a WLFI "whale"? How did he do it?

WLFI large account's "fat finger"

On the evening of September 1st, many addresses that participated in the presale rushed to claim WLFI tokens to sell at the peak when the market opened, causing the Ethereum Gas fee to exceed 100 Gwei for the first time in a while. However, the address moonmanifest.eth, which held 1 billion WLFI tokens, calmly claimed its tokens. It was later verified by the community that this was TechnoRevenant, who became well-known last week for making $38 million in profit on Hyperliquid.

TechnoRevenant began laying out the World Liberty Financial project as early as January 2025, at a time when Trump had not yet officially taken office as the President of the United States, and the "Gold Paper" on the official website stated that WLFI could not be transferred. However, TechnoRevenant still invested 13 million USDC and 2.01 million USDT through the wallet moonmanifest.eth, totaling about 15 million dollars to participate in the first round of public fundraising for WLFI, purchasing approximately 1.5% of the total supply.

On September 1, 2025, after WLFI officially started trading, TechnoRevenant received 200 million WLFI as a 20% unlocked share, valued at approximately 49 million USD, while the remaining 800 million are still locked. Based on the current price of 0.245 USD, the total value of its 1 billion WLFI reaches 245 million USD, achieving a paper profit of 8-16 times.

In addition to being a major player in the Trump family's project WLFI (worldlibertyfi), his unexpected substantial returns from going long on XPL as a "contract novice" on Hyperliuquid truly surprised the market.

The events that occurred on the morning of August 27, 2025, were a brutal lesson for those who hedged or shorted the Plasma project token XPL on Hyperliquid.

Starting from 5:36 AM on August 27, over the next two hours, approximately $159 million in positions were liquidated on Hyperliquid, affecting more than 1,000 traders. Some have found that several addresses were buying a large number of tokens to "manipulate" the already low liquidity of XPL in the pre-market on Hyperliquid, but later the "newbie" TechnoRevenant, who conducted this contract operation for the fifth time, came forward to admit that it was caused by his "fat fingers".

TechnoRevenant stated that he was optimistic about XPL but did not participate in the presale, so he began to establish positions in the pre-market perpetual contract trading on Hyperliquid. Prior to this, he purchased 54.4 million XPL using three wallets at a scale of $44,000 each time, accumulating this amount over two days, which was valued between $31 million and $33 million based on the market value at that time.

But within a short 15 seconds from 05:36:05 to 05:36:20, he claimed that due to being "sleepy-eyed", he accidentally added an extra "4" to the amount he purchased and repeated it 10 times, which changed his single purchase amount from $44,000 to $444,000, investing about $4.44 million to aggressively buy 7,288,505 XPL, which accounted for 77.37% of the total long position at that time. This action also pushed the XPL price from $0.587 to $0.65 within a minute, with an increase of 10.8%.

By the time he realized the problem, the market began to retreat slightly. He even nervously borrowed 3 million dollars as a precaution. He tried to close his long positions but did not realize that the large amount of his holdings made his long positions safe. During this period, hyperliquid initiated its automatic position reduction mechanism. In the following 15 minutes, he continued to buy in single amounts of 45,000 dollars, and then gradually started to close his long positions.

In the end, he earned 38 million dollars from this trade, and to this day he still holds over 30 million dollars in long positions of XPL, accounting for 87% of the total open contracts on hyperliquid, and there are still 26 million dollars in his account for continuous purchases. This has also kept the price of XPL on Hyperliquid at a premium of 20-30% compared to other trading platforms.

Radical opportunists or market manipulator slaughters

The actions of TechnoRevenant have sparked intense discussions in the crypto community. Supporters hail it as a "god-level market interpreter," praising its streak of consecutive victories. The community even memed the "fat finger" incident, calling it "the best typing error in history." Despite causing significant losses for many traders, there are discussions in the community about its manipulation of the market using large amounts of funds.

However, some opinion leaders, including Zhu Su, have stated that they believe it is not a exploitation of contract loopholes but rather a normal trading behavior. Additionally, due to the differences from other DEGEN contract traders that have recently emerged, his trading is more rational rather than blindly extreme, which prompted many traders at the time to choose to follow him in going long on WLFI (now the FDV has jumped to 24.6B USD).

According to on-chain data, moonmanifest.eth has conducted 8 USDC transfers with Jump Trading, totaling 27 million USD, and has frequent interactions with top market makers like Wintermute and Amber. Additionally, they heavily invested 15 million USD in WLFI during its early stage, even when it was uncertain whether the token could be "unlocked and transferred." These signs suggest that TechnoRevenant may not be an ordinary retail trader, but rather a professional trader with institutional backing.

This has further raised concerns in the community regarding the recent hot on-chain equity (Pre IPO) model. KOL banterlytics expressed on X, "Seeing the significant impact TechnoRevenant has already made on the Premarket of the token, imagine what would happen if it occurred on a Pre IPO with more insider information."

The on-chain madness of TechnoRevenant's "Print Money" behavior continues, as this mysterious trader once again demonstrates how whales can easily manipulate markets with low liquidity. With the arrival of the era of everything on-chain, the impacts caused on-chain may not be limited to on-chain; it might affect the housing prices in a region, or it might influence the valuation of a startup. Before entering the "new era", whether the liquidity and mechanisms of blockchain itself can support them will be an unavoidable topic for us.