Gate News message, April 9, on-chain analyst 0xMacroGuy disclosed that Hyperliquid HLP lost about $1.2 million in the past 24 hours due to the settlement (now closed) of a large Fartcoin long position by a suspected malicious actor, which is equivalent to about a 0.35% drawdown.
According to 0xMacroGuy’s analysis, the attacker’s behavior pattern is as follows: first, it establishes large leveraged positions on lower-liquidity coins; then it intentionally pushes the position into a losing state, deliberately burning its own funds; once the position is liquidated, ADL (the automatic deleveraging mechanism) is triggered, forcing HLP to take on the loss, inheriting that toxic position and the bad debts it brings; ultimately, the attacker loses funds, but HLP bears a larger loss.
Hyperliquid HLP real-time data shows that the Vault’s TVL is temporarily reported at $420 million, and its APR over the past month has been 0%.
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