Market Manipulation
How a $3M Sacrifice Triggered a $5M Perp Crash: Hyperliquid, HLP Exposure and the POPCAT Fallout
An investigative post-mortem of the coordinated attack on Hyperliquid that paid ~$3M to force a multi-million-dollar perpetuals loss and the related POPCAT crash. We reconstruct plausible on-chain signals, explain perp-DEX mechanics that amplify contagion, and give practical mitigations for traders and protocol designers.
Published at 2025-11-13 18:59:23