🛑 Manipulation of $30M: how the attack on Hyperliquid caused the collapse of POPCAT
A coordinated attack using the POPCAT token occurred on the decentralized exchange Hyperliquid. An unknown trader distributed $3 million across 19 wallets, creating artificial demand and triggering massive liquidations.
Mechanics of the attack:
· Withdrawal of $3 million from OKX and distribution across wallets
· Creation of a fake buyer wall at $0.21
· Sharp collapse after order removals
· Liquidation of longs at $20-30 million
· Losses of the Hyperliquid liquidity pool: $4.9 million
The incident led to a temporary suspension of the bridge with Arbitrum and manual intervention by the exchange team. This is already the third major attack on Hyperliquid this year, raising questions about the safety of decentralized derivatives platforms.
When one manipulator can crash an entire liquidity pool - it is a serious signal for all DeFi participants.
make difference: your difference in the market. Hugging you 🫂
#Hyperliquidrise #MANIPULATION #defi #Security $POPCAT
