POPCAT Flash Crash on Hyperliquid Sparks $4.9 Million Manipulation Allegations

Published at 2025-11-13 13:00:50

On Nov. 13 an anonymous actor is accused of creating a fake $20 million buy wall on Hyperliquid before executing rapid trades that consumed roughly $3 million in minutes and sent POPCAT tumbling. Community-shared order-book snapshots and trade records point to roughly $4.9 million in suspicious activity, prompting manipulation allegations and intense scrutiny from traders who watched liquidity evaporate. The incident underscores how low-liquidity tokens remain vulnerable to order-book spoofing and aggressive stratagems that can cascade into flash crashes. For users and liquidity providers, the episode is a reminder to monitor order-book depth, prefer conservative position sizing, and expect renewed calls for exchange-level safeguards such as surveillance, circuit breakers, and clearer audit trails as the market reacts.

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