#币安合约将上线JELLYJELLY

Hyperliquid Vault Attacked Again Recap:

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 chose ETH as the target on Hyperliquid, while this time the attacker chose the memecoin $Jellyjelly, which has a depth gap of N times, making price manipulation much easier.

3. Setting bait for airdrop: Address 0xde9...f5c91 opened a $4.08 million short position in $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 initiated a short position and collaborated to crash the spot market to lower the coin price, creating a floating profit space for the short position, while the opening address withdrew a margin of 2.76 million USDC, repeating the trick that led to the liquidation of the position being taken over by the vault.

Turning around to buy and empty the vault: Two waves of intense buying starting at 21:01 and 21:45 further magnified the vault's floating losses until the amount became enormous and caught the market's attention.

As long as jellyjelly does not drop, retail investors in HLP will withdraw their funds. The more withdrawals, the lower the liquidation price, which can be understood as 'those who run early profit at the expense of those who run late.' Subsequently, HLP may experience a bank run, and perhaps jellyjelly won't need to pump much into the vault before being forcibly liquidated due to insufficient margin... However, currently, HLP's TVL has decreased by about $20 million, and the liquidation price of the short position has dropped to around $0.14. The last buying operation from the address manipulating 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 further purchases, which is also the main reason for the significant price volatility that followed. As one of Hyperliquid's main competitors, if Binance releases related positive news next, such as listing jellyjelly spot trading or others, it will directly kill the competition.