This wasn't just a trading operation but a surgical strike against systemic weaknesses, pushing Hyperliquid into a dilemma: either watch its $230 million treasury face liquidation risk or abandon its "decentralization" principles by using emergency measures to intervene in the market.
Market manipulation in the cryptocurrency world is rampant-and fewer than 500 people are responsible for as much as $250 million a year in profits and over $3.2 trillion in artificial trading.