Another wild story from the world of crypto: on the decentralized exchange Hyperliquid, an anonymous whale pocketed over $6.2 million by exploiting price mechanics of the memecoin Jelly my Jelly (JELLY) — and still holds more than 10% of the entire token supply.

💰 How to Make $6M in Minutes? Hyperliquid Shows a Weak Spot

According to blockchain intel firm Arkham, the whale opened three massive positions within five minutes:

  • Two long trades worth $2.15M and $1.9M,

  • One short position worth $4.1M, designed to offset the long trades.

When the price of JELLY suddenly jumped 400%, the short position wasn't liquidated right away due to its size. Instead, it was absorbed by the Hyperliquidity Provider Vault (HLP) — a safety net designed to handle large liquidations.

Source: Arkham


📦 Whale Still Holding Nearly $2M Worth of JELLY

Blockchain investigator ZachXBT reported that five wallets linked to the whale still hold about 10% of JELLY’s total supply — worth approximately $1.9 million.

All these tokens were purchased starting March 22, 2025, right when the token became increasingly volatile.

Source: Bubblemaps

🚨 Hyperliquid Responds: Freeze, Delisting, and Refunds

Hyperliquid acted fast:

  • Trading of JELLY was frozen,

  • The token was delisted, and

  • Most affected users will be automatically refunded, except for the exploiter.


While this action limited immediate damage, it sparked a debate: where's the line between decentralization and centralized intervention?

📉 Another Memecoin Falls – And Brings Another Hard Lesson

JELLY is just the latest memecoin to crash amid insider manipulation and unsustainable hype.

Just two weeks earlier, a token inspired by The Wolf of Wall Street — created by the developer of MELANIA and LIBRA — plummeted over 99% shortly after launch, with insiders holding 80% of supply.

WOLF/SOL, market cap, 1-hour chart. Source: Dexscreener

💬 Expert Warning: Hype Alone Isn’t Enough

“This is a textbook case of hype without fundamentals,” said Alvin Kan, COO of Bitget Wallet.

“DeFi projects driven by momentum, not utility, won’t last. Especially in a market where capital moves fast and without mercy.”

🧠 Takeaway: What Can We Learn?

  • A whale walked away with millions — but the ethical line is blurry.

  • The platform reacted, but at the cost of decentralization ideals.

  • And for investors? Let this be a reminder: Don’t fall for hype without substance.


#MemeCoinMania , #CryptoWhale , #defi , #CryptoScandal , #CryptoNewss


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