cobe.hl

Full-time degen gambler | Ex-Software Engineer | Vibecoding enjoyer | Hyperliquid maxi | prev. @ourbit_official

[cobe.hl @codeboc_eth]

I called it way back in May when they first released the doc. Tbf we all knew it's gonna happen so can't really call this as an attack. I'm just surprised that they didn't fix it before launch

Anyways, I think @papertrade_xyz won't be ded this quick as long as the team fix this asap. Just look at Hyperliquid, we're still fine after jellyjelly. Plus I believe @izebel_eth isn't gonna fumble this.

https://t.co/WYjI0NlBgP

[butler @btlrtrades]

papertrade got exploited for $1.28M by 0x2025137a136bea7446deba681cbfc7cf1970840e within just 8 hours of being live.

here is the on-chain breakdown of how a clever attacker with more than $13M all time PnL and $14B volume on hyperliquid exploited @papertrade_xyz

how it works: papertrade prices every trade off hyperliquid's ETH price at that exact second. so if you can move hyperliquid's price for a few seconds, papertrade pays you for it.

that's exactly what 0x2025.. did, manipulating hyperliquid's price to move their papertrade positions into profit.

22:01 opens $200M of longs on papertrade
22:01 buys 6,055 ETH on hyperliquid, price goes up $3
22:03 closes the longs → +$168k
22:03 flips to $160M of shorts
22:03 sells 5,260 ETH on hyperliquid, price drops $3
22:04 closes the shorts → +$97k
22:04 flips long again

the exploiter repeats this pattern over and over: long on papertrade, pump the price on hyperliquid, close the longs and open shorts on papertrade, dump the ETH back on hyperliquid, close the shorts.

they won 97% of their trades
296 wins out of 305 trades
typical hold: 98 seconds
total pnl: $1.73M

then it went wrong:

23:13 opens 30 shorts on papertrade, $297M at 2507.35
23:13 sells ~6,600 ETH on hyperliquid, price drops to 2504.4

same move as before. but this time the close never goes through. the short is stuck

02:31 ETH hits 2509.95. all 30 shorts liquidated, -$450k

leaving them with $1.28m of profit.

my guess is the team blocked 0x2025's closes to stop the attack. this is a temporary fix, the underlying oracle of papertrade is still identical, and vulnerable to the exact same manipulation which anyone could re-create from a fresh wallet.

it seems papertrade needs to upgrade their oracle system from using the BBO to possibly using hyperliquid's official oracle system which is less subject to manipulation as it uses a combination of exchange's price feeds.

papertrade address: https://t.co/BCWyHEHHCF

hyperliquid address: https://t.co/Gb89XXZGTj

[cobe.hl @codeboc_eth]

@twinedotfun Wen support pumpfun stonkfun cross pair

[cobe.hl @codeboc_eth]

@jessepollak for what?

[cobe.hl @codeboc_eth]

@RJScaringe @vladtenev @CNBC this tweet is going to push the number to 100% lol

[cobe.hl @codeboc_eth]

@chooserich Lmao this is crypto bro no one give a fuck about volume manipulation

[cobe.hl @codeboc_eth]

@bwenews Congrats @theunipcs

[Vlad Tenev @vladtenev]

Everyone should be able to access high-quality financial assets, wherever they live.

That's what tokenization unlocks: taking the best of US capital markets and making them available on a global scale.

The industry is still small compared with global finance, but the advantages are becoming harder to ignore. Traditional market infrastructure was built around fixed hours, closed networks and layers of intermediaries. It was never designed for 24/7 execution, programmable assets, composability or self-custody.

The needs of investors have moved faster than the rails underneath them. We're working to change that.

What gives me confidence is seeing how many different people are now pushing this industry forward. Founders are building new products, LPs are bringing liquidity, traders are finding new uses, and infrastructure teams are making the whole thing work.

It's a privilege to be in the trenches with all of you.

We are still early, and there is a huge amount left to build. It will also take time and effort for the old guard to get onboard. This is worth fighting for.

[cobe.hl @codeboc_eth]

@iamzhe @ManaMoonNFT can we pay with $mini to use your product?

[cobe.hl @codeboc_eth]

@iamzhe what you gonna do with the coin now? Is it going to be a utility token or the official memecoin for https://t.co/pQG0kJ0Lpg?

[cobe.hl @codeboc_eth]

@HyperliquidPC Hyperliquid

[Hyperliquid Policy Center @HyperliquidPC]

Hyperliquid.

[cobe.hl @codeboc_eth]

@CirrusNFT Hyperliquiddddddd

[cobe.hl @codeboc_eth]

@Geiger_Capital Hyperliquid

[cobe.hl @codeboc_eth]

This is your last chance to all in your entire bloodline's net worth into $HYPE

[DEGEN NEWS @DegenerateNews]

NEW: TRUMP SAYS CFTC CHAIRMAN MIKE SELIG IS WORKING ON BRINGING HYPERLIQUID INTO THE UNITED STATES

[cobe.hl @codeboc_eth]

The bull is backkkkkk

$HYPE to $100 before September

See ya L oracle

[HL Eco @hl_eco]

Introducing: https://t.co/eUUtGAqHXP

A native HyperEVM explorer with analytics and dev tools for CoreWriter, precompiles, HIP-3, HIP-4, and more.

HyperCore and the HyperEVM share the same state. This reads both sides of it.

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Query and Export: filter any transaction, transfer, internal call or user operation by address, block range and amount, then take the result as CSV.

Protocol Analytics: follow a protocol's money, and tell deposits apart from price.

Money Flows: capital between protocols, wallets and HyperCore across 580 pairs, netted per pair, with the tokens behind every edge and the counterparties on both ends.

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Also: name.hl resolution, verified sources, address labels, 4-byte method names, token approvals with one-click revoke, dual-lane gas, and a directory of 59 HyperEVM builder tools.

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Hyperliquid.

[cobe.hl @codeboc_eth]

@MavenHL Make him regret