Hyperliquid Suspends Operations After $5M Loss From POPCAT Liquidations

Decentralized exchange Hyperliquid halted deposits and withdrawals on November 12, 2025, after a trader's leveraged positions on memecoin POPCAT triggered approximately $25 million in liquidations across 19 wallets. The platform's liquidity vault absorbed roughly $5 million in bad debt. The incident marked the second major manipulation event on the exchange in 2025.