Suspected Manipulation of POPCAT Leads to $4.9M Loss on Hyperliquid

2025-11-13 01:46

A suspected market manipulation incident involving the cryptocurrency POPCAT has resulted in a $4.9 million loss for the exchange Hyperliquid. A user reportedly withdrew 3 million USDC from an exchange and distributed it across 19 wallets. At approximately 14:45 CET, the user initiated a long position on $20 million worth of POPCAT at $0.21, with the total long position reaching $30 million across the wallets. The user then removed large buy orders, causing a rapid liquidation of $20–30 million in POPCAT long positions. Hyperliquid absorbed the position, incurring the loss, and subsequently closed the trade manually. The incident is suspected to be a deliberate attempt to disrupt the exchange.

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