POPcat’s Mischief: $4.9M Burned in DeFi’s “Cats and Mice” Saga 🐾💸

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Markets

Behold, dear reader, a tale of chaos and capriciousness! In a realm where algorithms dance with greed and code whispers sweet nothings to wallets, Hyperliquid-a name once whispered with reverence-now lies in tatters, clutching a $4.9 million wound inflicted by the whimsical POPCAT token. A puppet show, no doubt, orchestrated by a jester clad in hexadecimal robes.

The villain? A mere mortal who withdrew $3 million in USDC from OKX, scattering it across 19 wallets like breadcrumbs for a feast. With the finesse of a magician, they conjured a $20-30 million leveraged long position in POPCAT, a token so trivial it could be mistaken for catnip. Alas, the jester’s next move was a grandiose ballet: a $20 million buy order at $0.21, siphoning liquidity until the token’s price bloated like a toad. Then-poof-the orders vanished, and the market tumbled into a fiscal abyss. Cascading liquidations followed, collateral evaporating faster than a snowman in a sauna. 💀

Hyperliquid’s so-called “liquidity vault,” that noble guardian of solvency, was dragged into the fray, absorbing the carnage like a sponge soaked in regret. The result? A $4.9 million debt, a scar upon the exchange’s ledger, and a lesson in the futility of trust. One market participant, with the wit of a cynic, quipped: “Peak degen warfare. Someone torched $3M just to nuke liquidity. Classic: fake demand, then flush. Nothing magical here. Just an attacker exploiting thin depth and automated LP absorption. 🤷♂️”

CoinDesk, ever the nosy neighbor, tried contacting Hyperliquid via X. Their silence speaks volumes, or perhaps it’s merely the sound of coins clinking into the void. 🎭

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2025-11-13 10:03