A trader manipulated the Ether (ETH) reference price on the Hyperliquid-linked Papertrade platform, extracting about $1.28 million. By buying and selling large amounts of ETH, the trader artificially moved the price, then withdrew $1.54 million shortly after. The incident revealed weaknesses in Papertrade's launch-period risk controls, which had unusually high open-interest limits to meet demand. Papertrade is now tightening these limits on-chain and through its relay layer. The trader reportedly returned most gains via a new account, though this is not reflected in withdrawal records.
The story about a trader extracting $1.28 million through Ether price trades is presented with Pluang's cryptocurrency market data as of Oct 12, 2026 08:21 WIB. For readers following major cryptocurrencies, 39 out of 50 priced assets rose while 9 fell today. Notable movers include BAL (Balancer) at Rp16.297 with a 1-day change of +11.14%, FIL (Filecoin) at Rp22.072 with +10.36%, and ALGO (Algorand) at Rp2.296 with +9.02%.
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