First Act: Whale self-explosion sniping, the operator is in the atmosphere.
1. Starting with 'self-destruct flow' short positions
Whale brother (address 0xde9...c91) directly gambled 6 million U in margin, opening 430 million JELLY short positions on Hyperliquid, with an opening price of $0.0095.
Wild operation: this guy closed a 30 million short position, withdrawing 2.76 million U in margin, and directly handed over the remaining 398 million short positions to the Hyperliquid treasury (HLP). 'I blow myself up, the platform backs up', is indeed the top-level understanding of 'with empty hands, capturing a white wolf'.
2. On-chain market-making, precise explosion
The brother used another address Hc8gN...WRcwq to cooperate with the crazy market-making of JELLY, with the price soaring from $0.0095 to $0.62, reaching a staggering 560% increase! The treasury instantly faced a floating loss of 12 million U, just a step away from the liquidation price of $0.1479, and HLP's 240 million U almost skyrocketed.
The most outrageous thing is: the market-making funds are only 4.86 million U, controlling 124 million JELLY (the top holding on-chain), making a big impact with little effort.
Hyperliquid overturns the table, pulling the network cable + defaults all in one go.
1. 'Automatic deleveraging' = forced defaults
Just as liquidation was imminent, the Hyperliquid validator team (the few people in charge) urgently voted to directly delist the JELLY contract, and forcibly settled at the opening price of $0.0095 (the market price at that time was $0.05, a difference of 5 times!). It's almost equivalent to saying directly: 'I don't care, whatever I say goes', the treasury made a quick profit of 700,000 U, and announced it under the pretense of 'maintaining network integrity'.
2. TVL collapse, users flee
Although the treasury did not lose, retail investors are not foolish, withdrawing 140 million U within 24 hours, TVL plummeted by 30% (back to square one overnight). You play dead, I flee, Hyperliquid's growth over three months went to zero.
Third Act: Exchanges hunt, retail investors once again become sacrifices.
1. Binance and OKX lightning listing, adding fuel to the fire
Binance and OKX took the opportunity to announce the launch of JELLY perpetual contracts, pushing the price up again (highest $0.62), attracting retail investors to take over. As a result, after Hyperliquid pulled the network cable, JELLY plummeted by 67%, and OKX delayed the listing at lightning speed, leaving a mess.
2. Retail disaster: 12 million U liquidated, queue at the rooftop
Retail investors chase high JELLY prices, 12.26 million U liquidated in 4 hours, a currency with a market value of 23 million exploded to become the third in the entire network (only behind BTC and ETH).
'If the market maker pumps, I go all in; if the market maker dumps, I jump off', indeed a classic plot reappearance.
Event Summary: The Three Laws of Dark Humor in the Crypto World
1. Whale Rule
'Big means doing whatever you want': small tokens + low liquidity = manipulation paradise, 50x leverage is just basic practice (refer to the previous case where an ETH whale made 1.8 million U).
'The platform loophole is my backyard': Hyperliquid's oracle pricing + treasury takeover mechanism, easily treated as an ATM.
2. Platform Survival Guide
'Decentralization? I decide!' : validator votes = official control, pulling the network cable + forced liquidation.
'Not enough liquidity, defaults to make up': Bitget CEO sharply criticized Hyperliquid as 'FTX 2.0', the mixed treasury design makes retail investors collectively bear the blame.
3. Retail investors must die:
'KOL call orders = signal for retail investors to be harvested': following trends with small coins, price fluctuations depend entirely on the market makers' mood, the so-called 'one day in the crypto world is like a year in the human world', financial freedom and zero are often just a tweet apart.
Finally, according to an unknown critic:
“In this wave, whales in the atmosphere, exchanges in the stratosphere, Hyperliquid in the basement, retail investors in the underworld.
'There are no new things in the crypto world, only new retail investors!' — from the farewell letter of a liquidated brother.
