Decentralized exchange Hyperliquid has suspended deposits and withdrawals following suspected price manipulation involving the POPCAT memecoin. The halt was triggered around 11:22 AM ET Wednesday, with a notice citing ‘maintenance’ as the reason for the disruption. Independent research indicates the potential manipulation stemmed from a single trader’s coordinated long positions in the POPCAT cryptocurrency. This resulted in a sudden price drop of over 6% for the memecoin and a decline of nearly 2% for HYPE, Hyperliquid’s native token. The incident highlights the continued vulnerability of onchain derivatives platforms to concentrated trades that can impact liquidity providers even with risk controls in place.