Hyperliquid's HLP vault just took a brutal hit—$5 million evaporated in what looks like a coordinated manipulation play on POPCAT. Someone apparently engineered a price swing that triggered a domino effect of forced liquidations. The vault's automated systems couldn't react fast enough, and positions got wiped out in the cascade. Classic example of how concentrated attacks can exploit DeFi liquidity mechanics. Market makers are already dissecting the on-chain data to figure out exactly how the attacker pulled this off. This isn't the first time we've seen manipulation tactics targeting automated vaults, but the scale here is definitely raising eyebrows. Worth keeping tabs on how the protocol responds and whether they implement any emergency safeguards moving forward.