Lighter experienced a price manipulation attack targeting HYPE over the past few hours, but the platform successfully defended against it without triggering mass liquidations. This highlights the advantage of @Lighter_xyz's oracle mechanism. Here are the key details: 1. HYPE price manipulation attack (occurred on the evening of 10/27) Incident recap: An attacker (or bot) used a TWAP (Time-Weighted Average Price) strategy to buy large amounts of HYPE, attempting to push the price from its normal level (around 46) up to 98. The goal was to trigger cascading liquidations of high-leverage long positions. This tactic is similar to the previous successful attack on Hyperliquid targeting XPL, which briefly generated $10 billion in abnormal trading volume. - Lighter's defense: The platform uses external oracle prices (from other exchanges) instead of internal mark prices for liquidations. As a result, even if the mark price was manipulated upward, no liquidations or cascading effects were triggered. LLP (Lighter Liquidity Provider, holding over $22 million in HYPE short positions) instead profited handsomely, while the attacker suffered heavy losses—essentially "giving away money" to LLP holders and traders who quickly opened short positions. - Follow-up actions: The Lighter team "scrubbed" the high-price wick with low trading volume from the front-end chart to avoid scaring users due to scaling issues (on-chain data remains fully accessible). The official statement confirmed "no liquidations or other negative impacts," describing the event as merely a "rogue bot flooding the order book." Some traders mentioned that stop-loss orders may have been triggered, but overall, there was no systemic risk. - Community reaction: Most people on X praised Lighter's resilience (e.g., "attack failed, LLP made bank"), though some questioned whether removing the chart data was transparent. A few traders shared stories of selling above 60 for unexpected gains. This incident also brought more attention to competition among other Perp DEXs.