Alleged POPCAT Manipulation Causes $4.9M Loss at Hyperliquid

Published at 2025-11-13 08:17:58

Hyperliquid suffered a $4.9 million hit Wednesday after what Lookonchain described as a carefully orchestrated manipulation of the POPCAT token. The on-chain thread shared transaction traces and timing that suggest attackers moved POPCAT price levels to trigger liquidations and drain exposed positions on the decentralized derivatives platform.

The episode highlights the persistent risk around low-liquidity "degen" tokens and the vulnerability of leveraged platforms when market depth or oracle protections are thin. Expect renewed focus on risk parameters, oracle resilience and collateral checks across DeFi derivatives desks; traders with leveraged exposure to illiquid tokens should reassess positions. Hyperliquid has not yet outlined any public remediation steps while investigators continue parsing the flows on-chain.

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