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202.21 million dollars
left its Hyperliquidity Provider (HLP) round for nearly $5 million after a trader used $3 million to manipulate the POPCAT-linked market.
Lookonchain reported that the trader started by withdrawing 3 million USDC
USDC
$3.87 billion
to exchange.
The funds were divided into 19 new wallets and then sent to Hyperliquid. Here, the trader opened more than $26 million in long leveraged positions on HYPE, a contract linked to the POPCAT token.
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Next, the trader placed a large $ 20 million buy wall around the price level $ 0.21. This created a false impression of strong buying interest, which drove the market higher.
Once the prices are increased, the purchase orders have been cancelledand the support disappeared. As a result, liquidity fell, and many leveraged traders saw their positions liquidated.
These losses were absorbed by the return of Hyperliquid, which ended up losing about $4.9 million.
However, the The attacker also lost all of his $3 million in the process. Some community members suggested that the trader could have covered those losses elsewhere, but this remains speculation. A user called the “most expensive research ever” event.
During the event, Hyperliquid temporarily pause withdrawals across his bridge. Developer updates later confirmed that the contract was locked using the “vote emergency lock” feature as a security measure.
About an hour later, the team resumed normal operations after reviewing the situation.
The team behind the Balancer protocol recently released its first update after a security breach that led to losses of around $116 million. What did he say? Read the full story.
