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A certain Address is suspected of "malicious manipulation" of the POPCAT price on Hyperliquid, resulting in a loss of 4.9 million USD in HLP.
On November 13, according to MLM monitoring, someone withdrew 3 million USDC from CEX yesterday and dispersed it into 19 Wallets. Around 14:45 CET, he began to go long on POPCAT worth several million dollars, placing a buy order of about 20 million dollars at a price of $0.21. The total long positions of these 19 Wallets rose to about 30 million dollars. When he removed this 8-digit buy wall, within seconds, 20 million to 30 million dollars of POPCAT longs were liquidated, and HLP took over the positions. Subsequently, POPCAT further fell, resulting in a loss of 4.9 million dollars for HLP. Hyperliquid later manually closed this position. MLM analysis indicated, “This was clearly intentional, aimed at undermining HLP/Hyperliquid. No one would lose 3 million dollars in seconds just because of 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.”