Papertrade, a decentralized trading platform, faces allegations that two cryptocurrency wallets manipulated Ethereum prices by placing trades worth around $20 million on Hyperliquid. These trades reportedly moved ETH prices by 0.1%–0.2%, while the wallets held leveraged positions worth hundreds of millions on Papertrade, which uses Hyperliquid's order book midpoint pricing for synthetic trades. The accusations highlight a potential weakness in Papertrade's pricing system, but no independent verification or confirmed losses have been reported. Papertrade has not publicly responded or confirmed any financial impact, leaving the situation unresolved.
The story about Hyperliquid's $20 million ETH trades is presented here with Pluang's market data for context. As of Oct 11, 2026 13:51 WIB, among 50 major cryptocurrencies on Pluang, 20 rose and 29 fell. Notably, SXP dropped sharply by 46.27% to Rp37 with a typical hold time of 94 days, contrasting with BAL which gained 11.14% to Rp16,297 and BAT which rose 8.80% to Rp2,606 while showing a nearly balanced sell/buy order activity of 52%/48%.
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