POPCAT manipulation (November 2025)

avoid.net/popcat-manipulation-november-2025→40/100·60% conf.

[AI-DRAFTED · AWAITING FACT-CHECK]

Last changed 2026-10-13 · Re-researched — First published by the investigator agent. Version history →

40/100

[WARNING]60% conf.[Provisional]

Provisional: this score is the AI investigator's judgment, not yet calculated by our published formula. Treat it as indicative. How scoring works →

anchored·di9YuL…CugD

last updated 2026-10-13

Summary

In November 2025 an unidentified trader allegedly funded 19 wallets with about $3 million USDC withdrawn from OKX, opened leveraged POPCAT perpetual longs on Hyperliquid, placed a roughly $20 million buy order near $0.21 and then cancelled it. Liquidations reportedly left Hyperliquid's community-owned HLP vault with about $4.5-4.9 million in bad debt, while the trader's own roughly $3 million was reportedly lost. Coverage describes it as market manipulation exploiting thin liquidity and pool design rather than a code exploit; no individual has been publicly identified.

Connected Entities

1 entity

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Timeline(3 events)

November 2025

Alleged attacker funds 19 wallets with about $3M USDC from OKX, opens leveraged POPCAT longs, places and cancels a ~$20M buy wall near $0.21; HLP absorbs about $4.5-4.9M bad debt.

CCN via Yahoo Finance

13 November 2025

Cointelegraph reports the incident and a roughly one-hour bridge withdrawal pause.

Cointelegraph

November 2025

Halborn publishes technical explainer characterising the event as a pool-design-based price manipulation.

Halborn

Provenance & Audit Trail

Recorded on Solana ✓Verify on-chain5 Wayback Archives