Hyperliquid's Whale Hunting Operation Resurfaces, MLM Seeks Funding to Target PONS Shorts

A new "whale hunting operation" has emerged on Hyperliquid targeting large short positions. The whale Loracle has opened a 3x short position on PONS since September 3, currently holding 25.04 million tokens (approximately $19.41 million) at an opening price of $0.6553, which accounts for 19% of the open interest in Hyperliquid PONS, and continues to increase its position, currently facing an unrealized loss of nearly $3 million. This address previously created a zero-fee fork version of PONS in an attempt to save itself. On-chain analyst MLM publicly posted yesterday that if anyone wants to heavily target this short position, they can contact him privately if they have over seven figures in funding, later adding that there are already commitments at the eight-figure level. Loracle's current liquidation price is $1.83, meaning PONS needs to rise another 128% (without adding margin) to trigger a forced liquidation, corresponding to an actual market value of $1.284 billion.

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