Papertrade Exploit Alleged After $20M ETH Trades on Hyperliquid
- —Two wallets allegedly placed about $20 million each in ETH trades on Hyperliquid
- —ETH quotes reportedly moved 10–20 basis points (0.1%–0.2%)
- —The wallets allegedly held Papertrade longs with hundreds of millions in notional exposure
- —Papertrade prices synthetic fills off Hyperliquid's best bid-offer midpoint, with leverage up to 1,000x
Why it matters: Manipulation of a reference price in synthetic protocols could trigger losses and force a rethink of Papertrade's pricing model.
Source: Blockonomi
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