Marketing and pure manipulation 💀
A single entity quietly built a $15M Fartcoin long (yes, Fartcoin) across four Hyperliquid wallets, pumped price 20%, then deliberately let the whole thing blow up.
PeckShield calls it a "suicide liquidation." The attacker forced Hyperliquid's auto-deleveraging to swallow the toxic bag, sticking the HLP vault with ~$1.5M in losses. On paper they dropped $3.02M.
Two coordinated short wallets walked off with ~$849k via ADL. Lookonchain tied the same addresses to the April 3 XPL flash crash and says cross-venue hedging likely flipped this into a FAT NET PROFIT!!!!!!
On low-liquidity perps, the exit liquidity is the protocol itself.