Writing late, but I couldn't help but touch on the #Hyperliquid situation yesterday. For those who don't know what happened I will tell you now.

A trader opened a short position for 400 million $jellyjelly tokens which is equal to 40% of the total amount and immediately after that he opened a long position. Accordingly, the exchange itself did not have this amount of coins. And due to insufficient liquidity and high load, his short position was immediately liquidated, thereby causing a sharp increase in token growth.(because during liquidation tokens are redeemed).

And attention, the most interesting thing begins. The exchange opened its short position on this coin, but did not take into account the fact that users are aware of the situation, and they did not just know, they decided to act. They started pamping the token en masse, creating big losses for the exchange.

When the situation for the exchange became worse, the short position was held at the expense of users in the protocol. But the community decided to worsen the situation, and they started to withdraw their assets from the exchange, thus reducing the security of the position.

And my personal opinion is that it is better to choose more reliable exchanges for trading. For example, there are also many exchanges in the $TON network, but the most attractive one is STON.fi. A high level of trust has been gathered around it for a long time, and there are many reasons for that. For example, it cooperates with many projects of this network, has a high level of protection and many convenient tools.

By the way, #Hyperliquid was able to deal with it quickly, and eventually they removed $jellyjelly).