Price Manipulation Attacks Cause $42 Million in Losses Across 51 Incidents in 2025

Price manipulation attacks resulted in $42 million in losses across 51 separate incidents during 2025, according to CertiK Alert. The November 12 incident involving Popcat on Hyperliquid demonstrated coordinated manipulation tactics, triggering $63 million in liquidations through artificial buy walls and sudden order withdrawals. CertiK recorded 19 incidents in Q4 alone, approaching Q2's peak of 20 cases.