Hyperliquid Suspends Withdrawals After POPCAT Price Manipulation Losses

TLDR Hyperliquid temporarily halted withdrawals and deposits after a trader manipulated the price of the memecoin POPCAT. Blockchain analytics firm Arkham reported that $5 million in bad debt from POPCAT was transferred to Hyperliquid’s liquidity provider. The trader opened leveraged positions on POPCAT using 19 wallets, resulting in exposure of $25.5 million. The price of [...]

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