Hyperliquid's 'Whale Hunt' Targets a $19.4M PONS 3x Short Position

ME News reports that on September 7 (UTC+8), according to Ai Yi monitoring, another "whale hunt" targeting large short positions has emerged on Hyperliquid. The whale Loracle opened a 3x short position on PONS starting September 3, currently holding 25.04 million PONS (approximately $19.41 million) at an entry price of $0.6553, accounting for 19% of Hyperliquid’s total PONS open interest—and continues to add to the position, with current unrealized losses nearing $3 million. This address previously developed a zero-fee fork of PONS in an attempt to自救 (自救 translates to "自救" in Chinese, meaning "自救" or "self-rescue"). On-chain analyst MLM publicly posted yesterday: “If you wish to heavily target this short position, contact me privately if you have over seven figures in capital,” later adding, “We now have commitments from eight-figure capital.” Loracle’s liquidation price is currently at $1.83, meaning PONS must rise another 128% (without additional margin) to trigger liquidation, corresponding to an actual market cap of $1.284 billion. (Source: Foresight News)