Someone just passed 5M of bad debt on POPCAT to Hyperliquid’s Hyperliquidity Provider (HLP). The individual affected had withdrawn 3M this morning from OKX, and split it across 19 different accounts, all used to long POPCAT with ~5x leverage. These 19 accounts were liquidated for a combined 25.5M of POPCAT, losing 2.98M in collateral.(Arkham)