Hyperliquid will refund users who held long JELLY positions at settlement, at a closing price of $0.037555 per coin. This comes after JELLY contracts were terminated due to abnormal market activity.
The incident occurred when a trader manipulated the price of JELLY, causing a major loss to the Hyperliquidity Provider (HLP) vault. The trader triggered the liquidation with short positions in Hyperliquid and on-chain spot purchases, resulting in HLP’s unrealized loss reaching $13.5 million.
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