? Hyperliquid has once again found itself in the spotlight after a large-scale attack on the platform that resulted in a loss of approximately $4.9 million. This incident can hardly be called accidental: the attacker operated like an experienced financier or accountant, carefully planning every step. He split the stolen funds across 19 separate wallets and meticulously tracked all transactions, indicating a high level of preparation and a deliberate strategy.
The decentralized crypto exchange Hyperliquid was forced to temporarily suspend deposits and withdrawals after a series of manipulations involving the memecoin POPCAT. The pause in operations was logged around 16:22 UTC and confirmed by a corresponding transaction on ArbiScan, pointing to technical maintenance and an attempt to contain further losses.
According to Lookonchain analytics, the attack began when an unknown trader withdrew $3 million in USDC from the OKX exchange and distributed it among 19 addresses.
These wallets were later used to open long positions on Hyperliquid totaling $26.28 million. Later, around 12:45 UTC, the attacker began mass-buying POPCAT, placing orders worth around $20 million at approximately $0.21, creating the illusion of strong demand. The total volume of long positions on the platform reached $30 million using 20x leverage.
The culmination came when the trader removed a large $8 million order, causing a sharp drop in the price of POPCAT. This triggered the automatic liquidation of the open positions and resulted in losses of $4.9–$5 million for HLP, the platform’s liquidity provider.
? This incident serves as another clear reminder that security and risk control in the cryptocurrency ecosystem remain crucial. Even experienced traders and platforms can face unforeseen market manipulation, and the attacker’s thorough preparation makes such attacks especially dangerous. For investors and users of decentralized exchanges, it is important to remember that technological protection, transaction monitoring, and conscious risk management are key elements in safeguarding capital in a constantly evolving crypto environment.
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