An address is suspected of "price manipulation" on Hyperliquid, causing the POPCAT price to plummet, resulting in a $4.9 million loss for HLP.

BlockBeats News, November 13th, according to MLM Monitor, yesterday, someone withdrew 3 million USDC from OKX and dispersed it to 19 wallets. At around 14:45 CET, they started longing for millions of dollars worth of POPCAT, placing buy orders of approximately $20 million at a price of $0.21. The total long position of these 19 wallets increased to around $30 million.

When they removed this 8-digit buy wall, within seconds, the $20-30 million POPCAT long was liquidated, and HLP took over the position. Subsequently, POPCAT experienced further decline, resulting in HLP losing $4.9 million. Hyperliquid later manually closed out this position.

MLM analysis suggests, "This was clearly intentional, with the aim of taking down HLP/Hyperliquid. No one would lose $3 million in seconds just out of stupidity or carelessness. As a result, the Arbitrum bridge was temporarily paused, but other deposits and withdrawals are unaffected. The issue should be resolved soon."