Someone just passed $5M of bad debt on POPCAT to Hyperliquid’s Hyperliquidity Provider (HLP).

The individual affected had withdrawn $3M this morning from OKX, and split it across 19 different accounts, all used to long POPCAT with ~5x leverage.

These 19 accounts were liquidated for a combined $25.5M of POPCAT, losing $2.98M in collateral.

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