POPCAT "Attack" Incident Investigation Report
Survey Conclusion
A thorough investigation found no evidence that POPCAT suffered a genuine attack or exploit on Hyperliquid . The alleged "$5 million arbitrage loss" was actually a misunderstanding of normal market fluctuations.
Event Analysis
Actual situation
On November 4, 2025 , the price of POPCAT in the Hyperliquid perpetual contract market fell by 18-20% (from approximately $0.152 to $0.124), but this was due to:
- Market fluctuations : Normal Memecoin price fluctuations, not a security vulnerability.
- Price Difference : A brief price difference occurred between Hyperliquid perpetual contracts and the spot market.
- Liquidation Chain : High-leverage traders face liquidation, resulting in losses.
Current market status
| index | numerical values | change |
|---|---|---|
| Current price | $0.1398 | -4.80% (24h) |
| Market capitalization | $137.3M | - |
| 24-hour trading volume | $207.5M | - |
| 7-day changes | +10.20% | Recovery rally |
Official response
- Hyperliquid officially denied any security vulnerabilities, emphasizing that all transactions are verifiable on-chain.
- The POPCAT team : a community-driven project, has not released an official statement regarding this incident.
- Exchange Status : POPCAT trading is proceeding normally on all major exchanges.
social media response
In the past 48 hours, no high-quality social media discussions have been found to confirm this alleged attack. Instead, community discussions have primarily focused on:
- POPCAT's price performance and holding strategy
- Comparative analysis with other memecoins
- Normal market analysis and forecasting
Important Clarification
- No code vulnerability : No smart contracts were compromised.
- No funds stolen : No user funds were illegally transferred.
- Normal trading : All losses are the result of normal leveraged trading.
- Price Recovery : POPCAT prices have rebounded approximately 21% from their lows.
in conclusion
This "attack" was actually a misunderstanding by market participants regarding normal price fluctuations and liquidation events. POPCAT continues to trade normally on major exchanges, including Hyperliquid's perpetual contract market. Investors should focus on normal market risks, not on false security threats.
Data as of 16:50 UTC on November 12, 2025