A certain address is suspected of maliciously manipulating the POPCAT price on Hyperliquid, resulting in a loss of 4.9 million USD for HLP

According to market news, yesterday, someone withdrew 3 million USDC from OKX and distributed it across 19 wallets. Around 14:45 CET, he started to go long on POPCAT worth millions of dollars, placing a buy order of about 20 million dollars at a price of 0.21 dollars. The total long position of these 19 wallets grew to approximately 30 million dollars. When he removed this 8-figure buy wall, within seconds, 20 to 30 million dollars of POPCAT longs were liquidated, and HLP took over the position.

Subsequently, POPCAT further declined, resulting in HLP losing 4.9 million dollars. Hyperliquid later manually closed this position. Analysis indicates that this was clearly intentional, aimed at undermining HLP/Hyperliquid. No one would lose 3 million dollars in seconds merely due to stupidity or carelessness. As a result, the Arbitrum bridge was temporarily suspended, but other deposits and withdrawals were unaffected. The issue should be resolved soon.