Hyperliquid
Fraud on Nov 13, 2025 · Price Manipulation
What happened
According to Arkham’s monitoring, an attacker allegedly carried out a deliberate exploit against HLP (Hyperliquidity Provider) on Hyperliquid. The attacker used 19 wallets and $3 million in principal to open a leveraged long position worth $20–30 million on POPCAT with 5× leverage, while placing large buy walls to support the price. Subsequently, the attacker suddenly removed the buy walls, causing a flash crash in POPCAT’s price and triggering the liquidation of their $3 million collateral to zero. Due to the lack of liquidity, HLP was forced to absorb the position, ultimately resulting in a bad debt loss of $4.9 million. Analyst @mlmabc noted that losing $3 million within seconds was not a mistake or negligence, but rather a deliberate attack targeting both HLP and Hyperliquid.
Details
- Date
- Nov 13, 2025
- Kind
- Fraud
- Method
- Price Manipulation
- How in
- Insiders: rug pulls, frauds, collapses
- Target
- not stated
- Chains
- not stated
Reported by
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SwanBluechip, "Hyperliquid fraud, Nov 13, 2025: $5M lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/ht3d34d97bc7/ (data as of 2026-10-31).