Key Takeaways:
A trader using 4 wallets built a 145.24M FARTCOIN long on Hyperliquid, losing $3.02M on April 9, 2026. Hyperliquid’s HLP vault absorbed roughly $1.5M in realized losses as ADL mechanics were triggered by thin liquidity. Peckshield analysts suspect the same actor behind prior $XPL manipulation may strike similar low- liquidity perp markets next. FARTCOIN Perp Exploit on Hyperliquid Drains $1.5M From Liquidity Vault in HoursTwo short wallets identified by onchain addresses 0x06ce and 0x4196 captured gains through the ADL process. Those positions realized approximately $512,000 and $337,000, respectively, totaling around $849,000 in profit on the short side.
The long positions tied to addresses beginning 0x71c9 and 0x511c were liquidated in the $0.18 to $0.21 price range, where the market reversed after the initial pump collapsed.
Peckshield and other onchain analysts believe the trader likely held offsetting short positions or spot exposure on other exchanges, making the on-paper $3 million loss a net profitable trade when viewed across venues.
