{"id":90976,"date":"2025-11-13T11:56:36","date_gmt":"2025-11-13T08:56:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=90976"},"modified":"2025-11-13T12:00:34","modified_gmt":"2025-11-13T09:00:34","slug":"hyperliquid-halts-transactions-amid-meme-coin-manipulation-concerns","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hyperliquid-halts-transactions-amid-meme-coin-manipulation-concerns\/","title":{"rendered":"Hyperliquid Halts Transactions Amid Meme Coin Manipulation Concerns"},"content":{"rendered":"<p><a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-decentralised-exchange-dex\">The decentralized exchange<\/a> Hyperliquid has suspended deposits and withdrawals due to suspicions of price manipulation involving the meme coin POPCAT.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">About 13 hours ago, someone withdrew $3M USDC from OKX and split it across 19 wallets.<\/p>\n<p>Around 14:45 CET, he started longing millions worth of POPCAT, placing roughly $20M worth of buy orders at $0.21.<\/p>\n<p>The combined long position grew to around $30M across those 19 wallets.\u2026<\/p>\n<p>\u2014 MLM (@mlmabc) <a href=\"https:\/\/twitter.com\/mlmabc\/status\/1988643538490323155?ref_src=twsrc%5Etfw\">November 12, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to on-chain analyst MLMabc, a trader may have deliberately targeted the platform.<\/p>\n<p>Initially, an unknown individual withdrew $3 million <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> 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.<\/p>\n<p>When the trader removed the &#8220;wall&#8221; of buy orders, his $20-30 million position was liquidated within seconds. The losses were transferred to the exchange&#8217;s liquidity provider (HLP), which lost $4.9 million. Later, the Hyperliquid team manually closed the position.<\/p>\n<p>The analyst believes the trader intentionally sought to disrupt the perp-DEX, marking another such incident on the platform. In March, the exchange <a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\">suffered<\/a> from manipulations involving the meme token JELLYJELLY, resulting in unrealized losses of about $12 million for HLP.<\/p>\n<p>According to The Block&#8217;s research director <a href=\"https:\/\/www.theblock.co\/post\/378606\/hyperliquid-pauses-deposits-withdrawals-popcat-trading-scheme-speculation\">Steven Zheng<\/a>, the incident highlights that Hyperliquid is not yet ready to compete with centralized exchanges. Despite its popularity, the platform faces numerous challenges.<\/p>\n<p>Back in October, on the 28th, the price of HYPE on the decentralized exchange Lighter <a href=\"https:\/\/forklog.com\/en\/news\/hype-price-surges-to-100-on-lighter-due-to-bot-error\">soared from $47 to $98<\/a> in just one minute.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decentralized exchange Hyperliquid has suspended deposits and withdrawals due to suspicions of price manipulation involving the meme coin POPCAT.<\/p>\n","protected":false},"author":1,"featured_media":90977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Hyperliquid suspends transactions over POPCAT manipulation concerns.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[787,1161,1246],"class_list":["post-90976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dex","tag-memes","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"272","promo_type":"1","layout_type":"1","short_excerpt":"Hyperliquid suspends transactions over POPCAT manipulation concerns.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=90976"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90976\/revisions"}],"predecessor-version":[{"id":90978,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90976\/revisions\/90978"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/90977"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=90976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=90976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=90976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}