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

On November 13th, as per MLM Monitor, yesterday, an individual withdrew 3 million USDC from OKX and distributed it to 19 wallets. Around 14:45 CET, they began to go long for millions of dollars' worth of POPCAT by placing buy orders of approximately $20 million at a price of $0.21. The total long position of these 19 wallets rose to around $30 million. When they removed this 8-digit buy wall, within seconds, the $20 - 30 million long position in POPCAT was liquidated and HLP took over the position. Subsequently, POPCAT continued to decline, causing HLP to lose $4.9 million. Hyperliquid later manually closed out this position. MLM analysis indicates, "This was clearly a deliberate act with the intention of bringing down HLP/Hyperliquid. No one would lose 3 million in seconds just due to stupidity or carelessness. As a result, the Arbitrum bridge was temporarily paused, but other deposit and withdrawal operations remain unaffected. The issue is expected to be resolved soon."