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Large POPCAT Trades Result in $5 Million Loss for Hyperliquid Vault

The post details a recent attack on Hyperliquid’s HLP vault where an attacker built a $20‑million long POPCAT position, let it liquidate at $30 million, and left the vault holding over $25 million of the memecoin, resulting in a $4.9 million loss and a –1% monthly return. Hyperliquid responded by pausing deposits and withdrawals and manually closing the position, while the Arbitrum bridge’s automatic lock briefly halted activity before unlocking after about 25 minutes. The author emphasizes the rapid response, confirms that funds remain safe, and notes that the HYPE token has recovered to $38.8 after briefly dipping below $38.