#币安合约将上线JELLYJELLY

Hyperliquid Vault Attacked Again Review:

1. The whale on Hyperliquid utilizing 50x leverage previously used 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 chose the Memecoin $Jellyjelly with a deep disparity of N times, making price manipulation much easier.

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

4. Replaying active liquidation: Another address Hc8gN...WRcwq, after the short position was opened, coordinated with spot selling to lower the coin price, creating floating profits for the short position, while the opening address withdrew 2.76 million USDC in collateral, repeating the trick and allowing the vault to take over the position liquidation.

Turning around to buy out the vault: Two waves of intensive purchases 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, retail investors in HLP will withdraw their funds; the more withdrawals there are, the lower the liquidation price will be, which can be understood as 'those who run early benefit from those who run late.' Subsequently, HLP may experience a bank run, and in the end, perhaps it won't even need jellyjelly to pull much from the vault as it may get forcibly liquidated due to insufficient collateral... However, currently, HLP's TVL has dropped by about $20 million, and the liquidation price for the short position has decreased to around $0.14. The last buying operation from the address that manipulated the coin price was one 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 available for buying, which is also the main reason for the subsequent significant price fluctuations. As one of Hyperliquid's main competitors, if Binance releases relevant positive news next, such as listing jellyjelly spot or others, it will directly kill the competition.