🚨 30 MILLION DOLLARS AT THE CENTER OF THE POPCAT CASE: HYPERLIQUID IN TURMOIL 🚨
The world of cryptocurrencies has been shaken by a scandal involving Hyperliquid, a decentralized trading platform, and its flagship meme coin, POPCAT.
The case, which has attracted the attention of analysts and investors, concerns a sophisticated market manipulation of about 30 million dollars, with repercussions on the platform's liquidity pools.
According to on-chain investigations, an anonymous trader withdrew 3 million USDC from a centralized exchange (OKX) and split it into 19 separate wallets.
With these, they opened leveraged long positions on POPCAT for about 20 million dollars, causing an artificial price increase.
The total position rose to 30 million dollars, creating a fictitious buy wall that attracted liquidity.
Suddenly, the trader withdrew the orders, causing the price of POPCAT to crash and triggering cascading liquidations. The net loss for Hyperliquid, which absorbed the impact through its community liquidity vault, was about 4.9 million dollars.
This operation has raised suspicions of intentional manipulation for illicit gains or unfair market strategies, raising doubts about the control and security of leveraged trading platforms.
The case comes after other similar incidents on Hyperliquid this year, highlighting the risks of manipulation in decentralized crypto.
The price of POPCAT has taken a hard hit, but the debate over accountability and regulation continues.
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