#币安合约将上线JELLYJELLY

Hyperliquid Vault Attacked Again:

1. A whale using 50x leverage on Hyperliquid previously utilized the Hyperliquid mechanism to "actively liquidate 160,000 ETH long positions" and withdrew a profit of $1.857 million;

2. More cunning target selection: At that time, the whale on Hyperliquid chose ETH as the target, while this time the attacker’s target was the memecoin $Jellyjelly, which has a depth discrepancy of N times, making price manipulation much easier.

3. Setting bait for airdrop: Address 0xde9...f5c91 opened a $4.08 million short position on $JELLY on Hyperliquid, with an opening price of $0.0095 and a margin of 3.5 million USDC.

4. Replaying active liquidation: Another address Hc8gN...WRcwq, after the short position was opened, coordinated with market dumping to drive down the coin price, creating floating profits for the short position. Meanwhile, the opening address withdrew 2.76 million USDC in margin, and this trick led to the liquidation of the position being taken over by the vault.

Turning to buy and empty the vault: Two waves of concentrated buying starting at 21:01 and 21:45 further amplified the vault’s floating losses until the amount became significant enough to attract market attention.

As long as jellyjelly does not drop, HLP’s retail investors will withdraw funds, and the more withdrawals, the lower the liquidation price becomes. This can be understood as “early runners benefiting at the expense of late runners.” Subsequently, HLP may experience a bank run, and ultimately, it may not even need jellyjelly to pull much from the vault due to insufficient margin leading to forced liquidation... However, currently, HLP's TVL has decreased by about $20 million, and the liquidation price for the short position has dropped to around $0.14. The last buying operation from the address that manipulated the coin price was 1 hour ago. This address currently holds 124 million jellyjelly (worth $4.86 million), making it the top holding address on-chain. This address currently has no more funds for buying, which is also the main reason for the significant fluctuations in the coin price. As one of the main competitors of Hyperliquid, if Binance releases related good news, such as listing jellyjelly spot or others, it will directly kill the competition.