Hyperliquid suspends transactions over POPCAT manipulation concerns.
The decentralized exchange Hyperliquid has suspended deposits and withdrawals due to suspicions of price manipulation involving the meme coin POPCAT.
About 13 hours ago, someone withdrew $3M USDC from OKX and split it across 19 wallets.
Around 14:45 CET, he started longing millions worth of POPCAT, placing roughly $20M worth of buy orders at $0.21.
The combined long position grew to around $30M across those 19 wallets.…
— MLM (@mlmabc) November 12, 2025
According to on-chain analyst MLMabc, a trader may have deliberately targeted the platform.
Initially, an unknown individual withdrew $3 million USDC from the OKX exchange and distributed it across 19 wallets. The trader then began opening long positions on POPCAT, placing buy orders amounting to approximately $20 million at a price of $0.21. The total long position across the 19 wallets grew to about $30 million.
When the trader removed the “wall” of buy orders, his $20-30 million position was liquidated within seconds. The losses were transferred to the exchange’s liquidity provider (HLP), which lost $4.9 million. Later, the Hyperliquid team manually closed the position.
The analyst believes the trader intentionally sought to disrupt the perp-DEX, marking another such incident on the platform. In March, the exchange suffered from manipulations involving the meme token JELLYJELLY, resulting in unrealized losses of about $12 million for HLP.
According to The Block’s research director Steven Zheng, the incident highlights that Hyperliquid is not yet ready to compete with centralized exchanges. Despite its popularity, the platform faces numerous challenges.
Back in October, on the 28th, the price of HYPE on the decentralized exchange Lighter soared from $47 to $98 in just one minute.
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