$30M manipulation on Hyperliquid 🚨 Roughly 13 hours before the event, an unknown trader withdrew $3M $USDC from OKX and split the funds across 19 wallets on Hyperliquid. Then he started opening massive long positions on $POPCAT, pushing the total exposure to around $20–30M. To create the illusion of strong demand, he placed a huge buy wall at $0.21, $30M worth of orders sitting on the book. This made the market look heavily bid, attracting real traders to follow the move. But then, without warning, the wall was removed. The price instantly collapsed, liquidating all those $POPCAT longs in seconds. The trader lost his $3M collateral, and Hyperliquid’s HLP system automatically absorbed the open positions. That caused an additional $4.9M loss to HLP and triggered a deeper selloff across the token. The team eventually had to step in manually to stabilize the market and close remaining exposures. Shortly after, Hyperliquid paused its Arbitrum bridge, though deposits and withdrawals on the exchange continued to operate normally. Many in the community believe this was not a random liquidation, but a deliberate stress test or attack aimed at destabilizing Hyperliquid’s liquidity system. Losing millions in seconds due to a simple mistake seems extremely unlikely. This marks the third major market incident on Hyperliquid this year, raising new questions about how the exchange handles liquidity concentration and systemic risk.