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$ETH
Bang Arizona leads the race for the Digital Asset Reserve Fund
The bill SB 1373, aimed at establishing Arizona's Digital Asset Reserve Fund, has passed the review stage in the House of Representatives. It just needs one more vote in the Senate before being sent to the Governor for approval to become law.
Contents of the bill:
– The fund is formed from the budget provided by the legislative body and seized digital assets.
– Stored on compliant platforms (such as Coinbase Custody) or through legal investment products (such as BTC, ETH ETFs).
– Assets in the fund can be lent out or staked to generate additional profits, but not more than 10% of the fund each year.
However, the biggest obstacle currently is that the Governor of Arizona has declared that he will not sign any bills if the state legislature has not passed policies supporting people with disabilities.
Bang Arizona leads the race for the Digital Asset Reserve Fund
The bill SB 1373, aimed at establishing Arizona's Digital Asset Reserve Fund, has passed the review stage in the House of Representatives. It just needs one more vote in the Senate before being sent to the Governor for approval to become law.
Contents of the bill:
– The fund is formed from the budget provided by the legislative body and seized digital assets.
– Stored on compliant platforms (such as Coinbase Custody) or through legal investment products (such as BTC, ETH ETFs).
– Assets in the fund can be lent out or staked to generate additional profits, but not more than 10% of the fund each year.
However, the biggest obstacle currently is that the Governor of Arizona has declared that he will not sign any bills if the state legislature has not passed policies supporting people with disabilities.
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#TrumpVsPowell
According to the WSJ, President Trump has privately discussed firing Fed Chairman Jerome Powell several times and is considering former Governor Kevin Warsh as a replacement. However, Warsh himself advised Trump to leave Powell in place until the end of his term in May 2026.
Currently, Trump is continuously pressuring Powell in the media, but to actually fire him, he must bring the matter to the Supreme Court, as the law only allows the removal of the Fed Chairman for just cause.
According to the WSJ, President Trump has privately discussed firing Fed Chairman Jerome Powell several times and is considering former Governor Kevin Warsh as a replacement. However, Warsh himself advised Trump to leave Powell in place until the end of his term in May 2026.
Currently, Trump is continuously pressuring Powell in the media, but to actually fire him, he must bring the matter to the Supreme Court, as the law only allows the removal of the Fed Chairman for just cause.
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#RiskRewardRatio
Chairman of the New York Fed: Tariffs could push US inflation up to 3.5% – 4% this year
Fed's John Williams warns that tariff uncertainties could push US inflation up to 3.5% – 4% in 2025, and even extend into 2026.
He also reiterated the Fed's commitment to do everything possible to bring inflation back to the target of 2%.
Chairman of the New York Fed: Tariffs could push US inflation up to 3.5% – 4% this year
Fed's John Williams warns that tariff uncertainties could push US inflation up to 3.5% – 4% in 2025, and even extend into 2026.
He also reiterated the Fed's commitment to do everything possible to bring inflation back to the target of 2%.
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#StopLossStrategies
The level of uncertainty in U.S. economic policy during Trump's time skyrocketed, surpassing even the pandemic period.
The unpredictability in Trump's economic decisions kept global markets continuously 'holding their breath' in response 🙈.
The level of uncertainty in U.S. economic policy during Trump's time skyrocketed, surpassing even the pandemic period.
The unpredictability in Trump's economic decisions kept global markets continuously 'holding their breath' in response 🙈.
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#CPI&JoblessClaimsWatch
⚡️⚡️⚡️⚡️⚡️⚡️ Producer Price Index (PPI) 🇺🇸 March
- PPI Y/Y +2.7% (Forecast = 3.3%, Last month = 3.2%)
- PPI M/M -0.4% (Forecast = 0.2%, Last month = 0.1%)
- Core PPI Y/Y +3.3% (Forecast = 3.6%, Last month = 3.5%)
- Core PPI M/M -0.1% (Forecast = 0.3%, Last month = 0.1%)
Both Consumer Price Index (CPI) and Producer Price Index (PPI) from the seller's side decreased beyond expectations in March 👍
⚡️⚡️⚡️⚡️⚡️⚡️ Producer Price Index (PPI) 🇺🇸 March
- PPI Y/Y +2.7% (Forecast = 3.3%, Last month = 3.2%)
- PPI M/M -0.4% (Forecast = 0.2%, Last month = 0.1%)
- Core PPI Y/Y +3.3% (Forecast = 3.6%, Last month = 3.5%)
- Core PPI M/M -0.1% (Forecast = 0.3%, Last month = 0.1%)
Both Consumer Price Index (CPI) and Producer Price Index (PPI) from the seller's side decreased beyond expectations in March 👍
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#TradingPsychology
Update on some tariff developments from U.S. Trade Representative Jamieson Greer:
- About 50 countries are negotiating with the United States regarding tariffs.
- Many countries have stated they will not retaliate. Some have lowered tariffs.
- China has shown no signs that they want to move toward reciprocity.
- There is a marked difference between China and other countries seeking to negotiate.
This is the first time a Trump administration official has testified since the tariff levels were announced to address concerns about the impact of tariffs on the U.S. stock market and global trade from Congress.
Update on some tariff developments from U.S. Trade Representative Jamieson Greer:
- About 50 countries are negotiating with the United States regarding tariffs.
- Many countries have stated they will not retaliate. Some have lowered tariffs.
- China has shown no signs that they want to move toward reciprocity.
- There is a marked difference between China and other countries seeking to negotiate.
This is the first time a Trump administration official has testified since the tariff levels were announced to address concerns about the impact of tariffs on the U.S. stock market and global trade from Congress.
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#DiversifyYourAssets
The green card has not been long enough before it turned red again after several representatives from the United States spoke, showing that the tariff situation is still very tense.
Especially the conflict between the two superpowers, the United States and China:
"China accuses the United States of lacking sincerity in trade negotiations, stating that it will continue the trade war with global support."
The BTC is also looking back to $74K...
The green card has not been long enough before it turned red again after several representatives from the United States spoke, showing that the tariff situation is still very tense.
Especially the conflict between the two superpowers, the United States and China:
"China accuses the United States of lacking sincerity in trade negotiations, stating that it will continue the trade war with global support."
The BTC is also looking back to $74K...
See original
#TrumpTariffs
🚨 The US stock market opens in the green with high expectations about tariffs
All three major US stock indexes turned green right after opening: Dow Jones rose 3.6%, S&P 500 increased by 3.4%, and Nasdaq surged 3.8%.
Expectations for a smooth path, where the US can reach agreements with trade partners INCREASE as Treasury Secretary Scott Bessent stated on CNBC that "the US could achieve some good agreements" if other countries join the negotiations.
Additionally, President Trump has also shown more openness by stating he had a "great call" with South Korean leader Choi Sang-mok and that "China is also very eager to reach an agreement."
🚨 The US stock market opens in the green with high expectations about tariffs
All three major US stock indexes turned green right after opening: Dow Jones rose 3.6%, S&P 500 increased by 3.4%, and Nasdaq surged 3.8%.
Expectations for a smooth path, where the US can reach agreements with trade partners INCREASE as Treasury Secretary Scott Bessent stated on CNBC that "the US could achieve some good agreements" if other countries join the negotiations.
Additionally, President Trump has also shown more openness by stating he had a "great call" with South Korean leader Choi Sang-mok and that "China is also very eager to reach an agreement."
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$BTC 🇸🇻El Salvador completes the first real estate tokenization project
El Salvador has just inaugurated the Cobodosa warehouse worth 21 million USD, marking the first real estate project in the country funded through tokenization on the blockchain.
Instead of traditional fundraising, the project divides ownership into tokens on the blockchain. Anyone who buys tokens can receive profits from renting or reselling the tokens in the market.
This approach helps reduce investment costs, increase liquidity, and provide investment opportunities in real estate without having to spend a large amount of money. Tokenization is becoming a trend not only in El Salvador – even "giants" like BlackRock and JPMorgan are also jumping into this game globally.
El Salvador has just inaugurated the Cobodosa warehouse worth 21 million USD, marking the first real estate project in the country funded through tokenization on the blockchain.
Instead of traditional fundraising, the project divides ownership into tokens on the blockchain. Anyone who buys tokens can receive profits from renting or reselling the tokens in the market.
This approach helps reduce investment costs, increase liquidity, and provide investment opportunities in real estate without having to spend a large amount of money. Tokenization is becoming a trend not only in El Salvador – even "giants" like BlackRock and JPMorgan are also jumping into this game globally.
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#TrumpTariffs
US stocks evaporate $1.65 trillion in market capitalization
The impact of tariffs from Trump has officially arrived on Wall Street.
The S&P 500 opened down 4%, the worst day since September 2022. The Dow Jones dropped 1,500 points. A series of major tech stocks such as AAPL (-8.98%), AMZN (-7.03%), META (-6.93%), NVDA (-4.88%) are all in the red.
Crypto-related stocks also fell sharply with RIOT (-7.2%), COIN (-7.1%).
In his first speech after announcing retaliatory tax measures, President Donald Trump declared "the surgery is complete!". He stated that the "patient" (America) has overcome and is recovering. America will become stronger, bigger, and more resilient than ever.
US stocks evaporate $1.65 trillion in market capitalization
The impact of tariffs from Trump has officially arrived on Wall Street.
The S&P 500 opened down 4%, the worst day since September 2022. The Dow Jones dropped 1,500 points. A series of major tech stocks such as AAPL (-8.98%), AMZN (-7.03%), META (-6.93%), NVDA (-4.88%) are all in the red.
Crypto-related stocks also fell sharply with RIOT (-7.2%), COIN (-7.1%).
In his first speech after announcing retaliatory tax measures, President Donald Trump declared "the surgery is complete!". He stated that the "patient" (America) has overcome and is recovering. America will become stronger, bigger, and more resilient than ever.
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#BSCTradingTips
Hmmm what happened 🤔$ACT
Such dumps into the ground usually occur when large sell orders are executed with low liquidity coins.
Hmmm what happened 🤔$ACT
Such dumps into the ground usually occur when large sell orders are executed with low liquidity coins.
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#NavigatingAlpha2.0
🇧🇷Brazilian Court Uses NFT to Handle Crypto Case
The court has allowed the use of NFTs to send legal notices to Bitcoin wallet addresses related to the fraud case of the company BWA Brazil from 2020.
These wallet addresses belong to unidentified defendants - holding BTC purchased with fraudulently obtained funds. The court concluded that the investors who lost money could not endure further losses due to delays, and NFTs became an innovative legal tool, leveraging blockchain to quickly trace and notify summons.
This case is considered one of the largest crypto frauds in Brazil. The crypto company BWA Brazil is accused of fraud involving 11,200 BTC (~$900M), using a multi-level marketing model, promising huge returns of 5% per month from Bitcoin investments, before declaring bankruptcy.
🇧🇷Brazilian Court Uses NFT to Handle Crypto Case
The court has allowed the use of NFTs to send legal notices to Bitcoin wallet addresses related to the fraud case of the company BWA Brazil from 2020.
These wallet addresses belong to unidentified defendants - holding BTC purchased with fraudulently obtained funds. The court concluded that the investors who lost money could not endure further losses due to delays, and NFTs became an innovative legal tool, leveraging blockchain to quickly trace and notify summons.
This case is considered one of the largest crypto frauds in Brazil. The crypto company BWA Brazil is accused of fraud involving 11,200 BTC (~$900M), using a multi-level marketing model, promising huge returns of 5% per month from Bitcoin investments, before declaring bankruptcy.
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#Alpha2.0ProjectEvaluation
The dismal performance of the recent VC coin series has made many people feel disheartened, believing that VCs will fail miserably because no one wants to invest in VC coins anymore, and no project has increased by 100x to save the day, just low-quality pumped-up projects that will soon go to zero.
Haseeb Qureshi from Dragonfly Capital responded sharply. With 8 years of experience in VC, he asserted that he has heard similar opinions since 2018/2019 and challenged that if they are so confident, why not invest money to short it, and then meet again in 3 years to see who is right...
*VC coin is a term used to refer to crypto tokens/projects that are invested in by venture capital funds (Venture Capital - VC) such as $STRK, $W, $ZK,...
The dismal performance of the recent VC coin series has made many people feel disheartened, believing that VCs will fail miserably because no one wants to invest in VC coins anymore, and no project has increased by 100x to save the day, just low-quality pumped-up projects that will soon go to zero.
Haseeb Qureshi from Dragonfly Capital responded sharply. With 8 years of experience in VC, he asserted that he has heard similar opinions since 2018/2019 and challenged that if they are so confident, why not invest money to short it, and then meet again in 3 years to see who is right...
*VC coin is a term used to refer to crypto tokens/projects that are invested in by venture capital funds (Venture Capital - VC) such as $STRK, $W, $ZK,...
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$BTC
🔥🔥🔥 Market Brief Tuesday - 01/04
+ BTC recovered to $83K, altcoins have yet to show signs of improvement, panic in the market continues, and the "fear" index remains unchanged from yesterday.
+ Strategy accumulated an additional 22,048 BTC over the past week, bringing the total BTC held to 528,185 BTC ($43.4B). Tether also purchased an additional 8,888 BTC in Q1, increasing its holdings to 92,647 BTC (~$7.64B) [CT].
+ Vitalik Buterin donated 274 ETH ~$500K to Switzerland, a simulation project to test ideas about future civilization.
+ The hacker from the zkLend incident in February lost all 2,930 ETH due to phishing while trying to launder money through Tornado Cash.
+ Privacy Pools launched on Ethereum, allowing private transactions and verification of funds unrelated to illegal activities [CT].
+ a16z CSX - the start-up program of the a16z fund invested in 2 crypto AI projects, Cambrian ($5.9M) and Mahojin ($5M).
+ OpenAI completed a funding round of $40B with a valuation of $300B.
+ The Trump family has increased its control to 60% in the DeFi project World Liberty Financial.
+ CZ calls for an end to sending tokens to charity wallets, burning millions of dollars in memecoins as he does not want to affect these projects.
🔥🔥🔥 Market Brief Tuesday - 01/04
+ BTC recovered to $83K, altcoins have yet to show signs of improvement, panic in the market continues, and the "fear" index remains unchanged from yesterday.
+ Strategy accumulated an additional 22,048 BTC over the past week, bringing the total BTC held to 528,185 BTC ($43.4B). Tether also purchased an additional 8,888 BTC in Q1, increasing its holdings to 92,647 BTC (~$7.64B) [CT].
+ Vitalik Buterin donated 274 ETH ~$500K to Switzerland, a simulation project to test ideas about future civilization.
+ The hacker from the zkLend incident in February lost all 2,930 ETH due to phishing while trying to launder money through Tornado Cash.
+ Privacy Pools launched on Ethereum, allowing private transactions and verification of funds unrelated to illegal activities [CT].
+ a16z CSX - the start-up program of the a16z fund invested in 2 crypto AI projects, Cambrian ($5.9M) and Mahojin ($5M).
+ OpenAI completed a funding round of $40B with a valuation of $300B.
+ The Trump family has increased its control to 60% in the DeFi project World Liberty Financial.
+ CZ calls for an end to sending tokens to charity wallets, burning millions of dollars in memecoins as he does not want to affect these projects.
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#AmericanBitcoinLaunch
USD is at risk of being dethroned by BTC as the global reserve currency
This is the warning from Larry Fink, CEO of BlackRock, in an annual letter to investors. He cited that this year, interest payments on U.S. public debt will reach $952B - surpassing defense spending, and by 2030, total tax revenue will be consumed by mandatory spending and debt repayment, leading to a permanent deficit.
Larry Fink does not oppose digital assets, but he is concerned that rising public debt will undermine confidence in USD and investors will turn to BTC as a safer alternative.
The CEO of BlackRock also emphasized that tokenization will be a revolution, enabling stocks, bonds, and real estate to be traded instantly and transparently via blockchain. The market operates 24/7 and expands opportunities for all investors.
Although he acknowledges that the economy is unstable, he reassures investors that this difficult phase is not new and everything will stabilize again soon.
USD is at risk of being dethroned by BTC as the global reserve currency
This is the warning from Larry Fink, CEO of BlackRock, in an annual letter to investors. He cited that this year, interest payments on U.S. public debt will reach $952B - surpassing defense spending, and by 2030, total tax revenue will be consumed by mandatory spending and debt repayment, leading to a permanent deficit.
Larry Fink does not oppose digital assets, but he is concerned that rising public debt will undermine confidence in USD and investors will turn to BTC as a safer alternative.
The CEO of BlackRock also emphasized that tokenization will be a revolution, enabling stocks, bonds, and real estate to be traded instantly and transparently via blockchain. The market operates 24/7 and expands opportunities for all investors.
Although he acknowledges that the economy is unstable, he reassures investors that this difficult phase is not new and everything will stabilize again soon.
See original
#BSCUserExperiences
The community blames Wintermute for the sudden deep drop of several coins: ACT, DEXE, DF,…
Wintermute: "It's not us, we haven't done anything, we haven't touched anything..."
✅Update: For ACT, the reason is believed to be due to Binance adjusting the leverage limits. With 1x leverage, the maximum position size can only be $4.5 million.
Some market makers had positions exceeding this limit but could not react in time, resulting in orders being closed directly at market price. This led to a rapid dump.
The community blames Wintermute for the sudden deep drop of several coins: ACT, DEXE, DF,…
Wintermute: "It's not us, we haven't done anything, we haven't touched anything..."
✅Update: For ACT, the reason is believed to be due to Binance adjusting the leverage limits. With 1x leverage, the maximum position size can only be $4.5 million.
Some market makers had positions exceeding this limit but could not react in time, resulting in orders being closed directly at market price. This led to a rapid dump.
See original
#BSCProjectSpotlight
Binance Wallet continues to launch the PumpBTC ($PUMP) project IDO
🔸The 7th project to be launched on Binance Wallet after CreatorBID, Myshell, Bubblemaps, Bedrock, Particle Network and KiloEx is PumpBTC.
🔸PumpBTC (PUMP) is an AI-powered Bitcoin asset management solution built on the BNB Smart Chain network, allowing users to access optimized and automated Bitcoin investment strategies.
🔸PumpBTC is introduced exclusively through the TGE (Token Generation Event) event on Binance Wallet in collaboration with PancakeSwap.
⏰ Registration time: from 23:00 to 23:45 (Vietnam time) on April 1, 2025
📌 How to participate:
1️⃣ Need a Binance Wallet (keyless) on the Binance app
2️⃣ Prepare BNB on the BNB Smart Chain network (maximum 3 BNB/wallet)
3️⃣ Update the Binance app to version 2.97.0 or higher, then access Binance Wallet and click on the PUMP event banner to follow the instructions
4️⃣ Deposit BNB & wait for token allocation according to the total participating fund ratio
📌 Information about the PUMP IDO event:
🔷 Total fundraising: $750,000 in BNB
🔷 Number of open sales: 50 million PUMP (equivalent to 5% of total supply)
🔷 Selling price: $0.015/PUMP
🔷 Vesting: No vesting – receive 100% tokens at TGE
🔷 DEX Trading: Available for trading immediately after 23:45 on 1/4/2025 on Binance Wallet DEX or PancakeSwap
Binance Wallet continues to launch the PumpBTC ($PUMP) project IDO
🔸The 7th project to be launched on Binance Wallet after CreatorBID, Myshell, Bubblemaps, Bedrock, Particle Network and KiloEx is PumpBTC.
🔸PumpBTC (PUMP) is an AI-powered Bitcoin asset management solution built on the BNB Smart Chain network, allowing users to access optimized and automated Bitcoin investment strategies.
🔸PumpBTC is introduced exclusively through the TGE (Token Generation Event) event on Binance Wallet in collaboration with PancakeSwap.
⏰ Registration time: from 23:00 to 23:45 (Vietnam time) on April 1, 2025
📌 How to participate:
1️⃣ Need a Binance Wallet (keyless) on the Binance app
2️⃣ Prepare BNB on the BNB Smart Chain network (maximum 3 BNB/wallet)
3️⃣ Update the Binance app to version 2.97.0 or higher, then access Binance Wallet and click on the PUMP event banner to follow the instructions
4️⃣ Deposit BNB & wait for token allocation according to the total participating fund ratio
📌 Information about the PUMP IDO event:
🔷 Total fundraising: $750,000 in BNB
🔷 Number of open sales: 50 million PUMP (equivalent to 5% of total supply)
🔷 Selling price: $0.015/PUMP
🔷 Vesting: No vesting – receive 100% tokens at TGE
🔷 DEX Trading: Available for trading immediately after 23:45 on 1/4/2025 on Binance Wallet DEX or PancakeSwap
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#BinanceEarnYieldArena
⏳ Countdown 2 final days to receive cashback & APR staking SOL on Binance 🪙
Only a few days left until the offer of 7% APR from SOL and 5% cashback for each transaction on Binance ends, both new and old users can participate.
1️⃣ Download/update the latest version of the Binance app
2️⃣ Click the [Register Now] button on the event page
3️⃣ Purchase Crypto with a volume >$50
4️⃣ Register any amount in Crypto into Simple Earn
⏰ The event will last until March 31!
⏳ Countdown 2 final days to receive cashback & APR staking SOL on Binance 🪙
Only a few days left until the offer of 7% APR from SOL and 5% cashback for each transaction on Binance ends, both new and old users can participate.
1️⃣ Download/update the latest version of the Binance app
2️⃣ Click the [Register Now] button on the event page
3️⃣ Purchase Crypto with a volume >$50
4️⃣ Register any amount in Crypto into Simple Earn
⏰ The event will last until March 31!
See original
#BSCTrendingCoins
Yi He explains the appeal of memecoin and shares insights on Crypto investment
The powerful figure from Binance believes that memes have transcended cultural boundaries to become a story that everyone understands. Memecoins do not follow trends but create them, with Dogecoin as a testament.
From an investment perspective, Yi He does not choose short-term speculation but opts for long-term investment because the market has many projects valued 'in the sky', but over time, true value will reveal itself.
Below are some investment principles suggested by Yi He:
1️⃣Make money from cycles: seize economic cycles, sell during the upward cycle and buy during the downward cycle.
2️⃣Invest in industry leaders: always adhere to the principle of investing in top-tier assets.
3️⃣Allocate assets wisely: at least 20% of assets should be allocated to crypto.
4️⃣Be cautious with leverage: do not use more than 10% of assets that can be lost when investing in risky tokens or leverage.
5️⃣Reality is the key: everyone knows this principle, but whether to follow it or not is another matter.
Yi He explains the appeal of memecoin and shares insights on Crypto investment
The powerful figure from Binance believes that memes have transcended cultural boundaries to become a story that everyone understands. Memecoins do not follow trends but create them, with Dogecoin as a testament.
From an investment perspective, Yi He does not choose short-term speculation but opts for long-term investment because the market has many projects valued 'in the sky', but over time, true value will reveal itself.
Below are some investment principles suggested by Yi He:
1️⃣Make money from cycles: seize economic cycles, sell during the upward cycle and buy during the downward cycle.
2️⃣Invest in industry leaders: always adhere to the principle of investing in top-tier assets.
3️⃣Allocate assets wisely: at least 20% of assets should be allocated to crypto.
4️⃣Be cautious with leverage: do not use more than 10% of assets that can be lost when investing in risky tokens or leverage.
5️⃣Reality is the key: everyone knows this principle, but whether to follow it or not is another matter.
See original
#JELLYJELLYFuturesAlert
🆘 Hyperliquid encounters a new disaster - Escaping loss by a hair's breadth
Hyperliquidity Provider (HLP) continues to be a victim in a well-orchestrated price manipulation by a whale holding 126M JELLY.
1️⃣ The whale liquidates JELLY → price drops
2️⃣ The whale goes to Hyperliquid to open a short position on JELLY and then withdraws all margin, forcing HLP to take over a short position worth $4.5M at an extremely unfavorable price
3️⃣ The whale buys back JELLY, simultaneously reopening a long position on this token right on Hyperliquid → price rises
👉 As a result, at one point the whale made $8M from the long position on JELLY while HLP incurred a $12M loss from the short position on JELLY, raising concerns that if the price increases to ~$0.16, HLP would burn $230M of the fund.
4️⃣ The drama escalates as OKX and Binance prepare to launch JELLY futures contracts, causing the token price to surge...
5️⃣ However, Hyperliquid closed the short position at $0.0095 and delisted JELLY – not losing a single penny and avoiding the risk of HLP fund depletion after 1 hour of holding the loss
The final result after the incident, the 24h PNL of HLP Vault turned from negative to +$700K. Hyper Foundation also committed to compensating affected users due to the unexpected delisting, except for addresses suspected of manipulation.
🆘 Hyperliquid encounters a new disaster - Escaping loss by a hair's breadth
Hyperliquidity Provider (HLP) continues to be a victim in a well-orchestrated price manipulation by a whale holding 126M JELLY.
1️⃣ The whale liquidates JELLY → price drops
2️⃣ The whale goes to Hyperliquid to open a short position on JELLY and then withdraws all margin, forcing HLP to take over a short position worth $4.5M at an extremely unfavorable price
3️⃣ The whale buys back JELLY, simultaneously reopening a long position on this token right on Hyperliquid → price rises
👉 As a result, at one point the whale made $8M from the long position on JELLY while HLP incurred a $12M loss from the short position on JELLY, raising concerns that if the price increases to ~$0.16, HLP would burn $230M of the fund.
4️⃣ The drama escalates as OKX and Binance prepare to launch JELLY futures contracts, causing the token price to surge...
5️⃣ However, Hyperliquid closed the short position at $0.0095 and delisted JELLY – not losing a single penny and avoiding the risk of HLP fund depletion after 1 hour of holding the loss
The final result after the incident, the 24h PNL of HLP Vault turned from negative to +$700K. Hyper Foundation also committed to compensating affected users due to the unexpected delisting, except for addresses suspected of manipulation.
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