- Historical Story: The waterfall’s name comes from an ancient tale about a king who tricked his wives into thinking he had died in battle. Heartbroken, they all jumped into the falls with their horses.
- Name Meaning: The name “Asupini” comes from the Sinhala words for “horse” (Aswaya) and “jump” (Pini), symbolizing the tragic story of the horses and wives jumping over the falls.
- Plunge Pool: The waterfall creates a plunge pool filled with rocks, which is dangerous for swimming due to the risk of drowning.
- Border Demarcation: Historically, the waterfall served as a boundary between two regions, Satara Korale and Paranu Kuru Korale, according to old books on border markings.
- Treasure Legend: Local villagers believe that hidden treasure can be found in the crevasses at the base of the waterfall, called Pinikandawela and Tissakumarawella