Security Incident - Hyperliquid's HLP vault suffered a $5 million loss due to a POPCAT manipulation attack [1] - The attack triggered cascading liquidations [1]

Market Manipulation & Oracle Design - Lighter's LLP holders gained $22 million from a failed manipulation attack [1] - An attacker lost millions attempting to inflate $HYPE from $46 to $98 [1] - External oracles prevented liquidations during the $HYPE manipulation attempt [1] - Hyperliquid previously experienced a similar situation on XPL with $10 billion volume [1] - Oracle design effectively generated revenue from the attacker's failed manipulation [1] Token Valuation - $LIT launching at a $4-6 billion fully diluted valuation (FDV) is now perceived as potentially undervalued [1]