Hyperliquid, POPCAT Manipulation with a Loss of 4.9 Million Dollars

Hyperliquid's Major Loss

Hyperliquid, a decentralized derivatives platform, suffered a loss of 4.9 million dollars due to the manipulation of the POPCAT token. The attacker inflated the token's price using 3 million dollars worth of USDC. This led to a drop in price and triggered cascading liquidations.

Hyperliquid's liquidity pool absorbed these losses, creating a significant financial impact on the exchange.