PANews reported on November 13 that, according to Arkham's monitoring, an attacker is suspected of deliberately attacking HLP (Hyperliquidity Provider) on Hyperliquid. The attacker used 19 wallets and $3 million in principal to establish a $20-30 million long position in POPCAT with 5x leverage, and set up a massive buy order wall.

Subsequently, the attacker abruptly removed the buy order wall, causing a flash crash in POPCAT's price, instantly liquidating its $3 million in collateral to zero. Due to the lack of liquidity, HLP was forced to take over the position, ultimately resulting in a $4.9 million bad debt loss. Analyst @mlmabc pointed out that this act of losing $3 million in a few seconds was not foolish or negligent, but a "deliberate attack" against HLP and Hyperliquid.