Hyperliquid Pauses Deposits After POPCAT Price Manipulation Sparks Liquidations

Published at 2025-11-12 19:15:25

Decentralized exchange Hyperliquid halted deposits and withdrawals Wednesday after a trader attempted to manipulate the price of memecoin POPCAT (ticker: POPCAT). The move forced large liquidations that inflicted heavy losses on the platform’s Hyperliquidity Provider and disrupted normal flow for HYPE token holders as margin calls cascaded through thinly liquid positions.

The suspension raises immediate uncertainty for traders and liquidity providers and highlights risks around low-cap memecoins and leverage. If Hyperliquid uncovers broader counterparty shortfalls, markets could see further volatility or extended withdrawal limits; a prompt, transparent remediation would limit contagion. Users should monitor Hyperliquid’s official channels for updates and exercise caution trading illiquid tokens like POPCAT.

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