#JELLYJELLYFuturesAlert The abrupt and devastating crash of the $JELLY cryptocurrency sent shockwaves through the Hyperliquid exchange, revealing the volatile nature of decentralized finance. A single, powerful crypto whale executed a meticulously planned pump-and-dump scheme, initiating the downfall by offloading a massive 124.6 million $JELLY tokens, valued at approximately $4.85 million. This sudden influx of tokens into the market triggered a sharp decline in $JELLY's price, catching Hyperliquid's Hyperliquidity Provider (HLP) in a vulnerable short position. Consequently, the HLP suffered a staggering $12 million loss, highlighting the significant risks associated with automated liquidity provision. Capitalizing on the chaos, the whale then strategically repurchased the now-cheap tokens, initiating a short squeeze and further amplifying the price fluctuations. In a controversial move, Hyperliquid ultimately delisted $JELLY, forcing the closure of all remaining positions at a fixed price of $0.0095. This decision, while intended to mitigate further losses, resulted in Hyperliquid securing a $700,000 profit, sparking debate about the platform's role in the market's volatility and the fairness of its intervention.
