Svmuu News On-chain analyst 0xMacroGuy posted on X, stating that Hyperliquid HLP lost approximately $1.2 million within 24 hours, equivalent to a drawdown of about 0.35%, due to taking over a large Fartcoin long position (now closed) from a suspected malicious actor.
According to 0xMacroGuy's explanation, the attacker's behavior pattern is as follows: first, establish a large leveraged position in a low-liquidity token; deliberately push the position into a loss-making state, intentionally burning their own funds; once the position is liquidated, ADL (Auto-Deleveraging) is triggered, forcing HLP to bear this loss, thereby inheriting this toxic position and the resulting bad debt; the final result is that the attacker loses funds, but HLP incurs even greater losses.
Hyperliquid HLP's real-time page shows that the Vault's TVL is currently reported at $420 million, with an APR of 0% for the past month.