#币安合约将上线JELLYJELLY

Hyperliquid Vault Attacked Again:

1. The 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 selected ETH as the target, while this time the attacker chose the meme coin $Jellyjelly, which has a depth difference 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 a margin of 3.5 million USDC;

4. Replaying the active liquidation: Another address Hc8gN...WRcwq cooperated with dumping the spot price to lower the coin price after the short position was opened, creating floating profit space for the short position while withdrawing 2.76 million USDC in margin from the opening address, repeating the trick led to the position being liquidated by the vault.

Turning around to buy and empty the vault: Two waves of concentrated buying starting at 21:01 and 21:45 further amplified the vault's floating loss until the amount became huge and attracted market attention.

As long as jellyjelly does not drop, retail investors of HLP will withdraw funds; the more funds withdrawn, the lower the liquidation price becomes, which can be understood as "the early runners benefit at the expense of the late runners". Subsequently, HLP may experience a bank run, and in the end, perhaps jellyjelly won't need to pull much from the vault, as it will be forcibly liquidated due to insufficient margin... However, currently, HLP's TVL has decreased by about $20 million, and the liquidation price for short positions has dropped to around $0.14. The last buying operation of the address manipulating the coin price was 1 hour ago; this address currently holds 124 million jellyjelly (worth $4.86 million) and is the top holding address on-chain. This address currently has no more funds available for further purchases, which is also the main reason for the significant price fluctuations that followed. As one of Hyperliquid's main competitors, if Binance releases related positive news, such as listing jellyjelly spot or others, it will directly kill the competition.