#币安合约将上线JELLYJELLY

Hyperliquid Vault Attacked Again Review:

1. The giant whale on Hyperliquid using 50x leverage previously utilized the Hyperliquid mechanism to 'actively liquidate 160,000 ETH long positions' and withdrew a profit of $1.857 million;

2. More cunning asset selection: At that time, the giant whale on Hyperliquid selected ETH as the asset, while this time the attacker chose the meme coin $Jellyjelly, which has a deep disparity of N times, making price manipulation much easier.

3. Setting bait for airdrop: Address 0xde9...f5c91 opened a $4.08 million short position on $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 collaborated with the market crash after opening the short position to lower the coin price, creating floating profits for the short position, while the opening address withdrew 2.76 million USDC in margin, repeating the trick led to the position being liquidated by the vault.

Turning around to buy and empty the vault: Two waves of intensive buying starting at 21:01 and 21:45 further enlarged the vault's floating losses until the amount became so large that it attracted market attention.

As long as jellyjelly does not drop, retail investors in HLP will withdraw funds, and the more they withdraw, the lower the liquidation price becomes, which can be understood as 'those who run early profit from those who run late.' Subsequently, HLP may experience a bank run, and perhaps it won’t even require jellyjelly to pull much from the vault due to insufficient margin leading to forced liquidation... However, currently, HLP's TVL has decreased by about $20 million, and the liquidation price for the short position has dropped to around $0.14. The last buying operation of the address manipulating the coin price was 1 hour ago, and 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 available for buying, which is also the main reason for the subsequent significant fluctuations in the coin price. As one of the main competitors to Hyperliquid, if Binance releases related positive news, such as listing jellyjelly spot or others, it will directly kill the competition.