FARTCOIN price surged 27% then crashed after a $3M leveraged manipulation on Hyperliquid.

A trader used four wallets to build a massive 145.24 million FARTCOIN leveraged long position on Hyperliquid, causing a 27% price spike before a sharp crash wiped out the position within hours. The forced liquidation triggered Hyperliquid's Auto-Deleveraging (ADL) system, resulting in $3.02 million losses for the trader and $1.5 million losses absorbed by the platform's liquidity vault. Analysts suspect the attacker profited overall by holding offsetting positions elsewhere and warn similar low-liquidity meme coin markets could be targeted next. This event highlights risks in decentralized perpetual markets where thin liquidity and open leverage can be exploited, raising concerns about protections for liquidity providers.