Hyperliquid Suffers $4.9M Loss in Alleged POPCAT Price Manipulation Attack

Decentralized exchange Hyperliquid has reportedly incurred a $4.9 million loss following an alleged market manipulation scheme involving the POPCAT token. The incident, described by some observers as "peak degen warfare," highlights the ongoing vulnerabilities in DeFi protocols to coordinated trading attacks. According to initial reports, the manipulation involved exploiting price mechanisms on the Hyperliquid platform, resulting in significant liquidations. The exchange has yet to release an official statement regarding compensation measures for affected users or security improvements to prevent future incidents of this nature.