HyperLiquid, a decentralized cryptocurrency alternate, introduced in the present day that it has quickly suspended deposits and withdrawals on the POPCAT buying and selling pair on account of suspected worth manipulation.
POPCAT was recorded as one of many altcoins that skilled probably the most liquidations because of the large pump and dump wave skilled in the present day.
Chart exhibiting POPCAT pump and dump costs.
The platform seems to have stopped working for upkeep. On-chain knowledge from ArbiScan additionally confirmed the suspension. However what actually caught the eye of the group have been claims that customers have been attempting to artificially inflate the worth of POPCAT.
On-chain analyst MLMabc shared a put up on Twitter stating that the investor in query withdrew 3 million USDC from the OKX alternate 13 hours in the past and break up it into 19 completely different wallets. He then opened a protracted place price round $20 million on POPCAT, trying to push the worth to $0.21.
In response to the analyst, as soon as the purchase wall was lifted, the investor liquidated his total POPCAT place between $20 million and $30 million, leading to a $4.9 million loss on the place taken over by HyperLiquid’s liquidity supplier (HLP). Hyperliquid then manually closed the place.
This incident is paying homage to the same manipulation incident Hyperliquid skilled with its Solana meme coin known as JELLYJELLY in March. On the time, the platform had roughly $12 million in unrealized losses.
*This isn’t funding recommendation.
