HyperLiquid Delisted the Jelly my Jelly (JELLY) Meme Coin

Just as HyperLiquid delisted the Jelly my Jelly (JELLY) meme coin after yesterday’s suspicious market activity, the trader behind the exploit is in a fix

The trader who exploited HyperLiquid yesterday to manipulate the Jelly my Jelly (JELLY) meme coin is still in a fix and can face a loss of $1 million.

As per the latest data from blockchain analytics platform Arkham Intelligence, the trader opened three accounts within just a five-minute window. Two accounts held long positions worth $2.15 million and $1.9 million, while the third account carried a $4.1 million short position to offset the longs.

While the trader tried to game the HyperLiquid protocol by withdrawing collateral from other two accounts, the decentralized exchange (DEX) made quick moves to freeze and delist the JELLY meme coin. Thus, the data from Arkham shows that the exploiter still has unrealized profit and loss in some accounts, which were restricted to reduce-only orders.

Unless HyperLiquid allows the attacker to withdraw, it could lead to $1 million in losses.

Hyperliquid just got exploited. What happened?A trader deposited $7.167M on 3 separate Hyperliquid accounts within 5 minutes of each other. He then made leveraged trades on an illiquid coin, JELLY.However, he ended up losing money, and is down almost $1M unless… pic.twitter.com/uNyMwLS5Sc

Responding to the incident, HyperLiquid also delisted the perpetual futures for the JELLY token, citing clear signs of suspicious market activity.

The recent intervention by HyperLiquid protocol by freezing of accounts has led many to question the platform’s decentralization. ZachXBT slammed Hyperliquid, stating that it failed to act during the Radiant platform hack and protect DPRK funds, involving thousands of victims, adding that it could have acted consistently with its own governance structure. However, now, it’s behaving the complete opposite to this.

either:– stay consistent and do something when it’s possible for major incidents -be actually decentralized and do nothing – create a mechanism that discourages such actors from using the protocol in the first place (see Railgun PPOI)

The trader exploited Hyperliquid to manipulate the price of Jelly my Jelly (JELLY) token and withdraw the collateral even before HyperLIquid’s mechanism could respond accordingly. The trader opened the first account at 10:57:32 and deposited 1.9 million in ETH to open a leveraged long position. The second account was opened five minutes later with a $2.15 million deposit to open another leveraged long position. The third account was opened at 11:07:07 with a $4.1 million deposit to open a leveraged short position in order to offset the longs.

As the price of the token moved up, the trader managed to withdraw most of the collateral. However, it seems that the exchange quickly realized what was happening and moved to shut down the exploiter’s plans. Hyperliquid closed the market for the JELLY token at a price of 0.0095, canceling all floating profit and loss on the first two exploiter accounts.

The trader managed to withdraw 6,260,000 in total, while at least 1 million remains in the exploiter’s accounts, which are now restricted to reduce-only orders. Thus, unless Hyperliquid allows the attacker to withdraw, it could lead to $1 million in losses.

In total, the exploiter deposited $7.17M to 3 Hyperliquid accounts and withdrew $6.26M, with ~$900K balance on Hyperliquid across two accounts which he is currently unable to withdraw.Assuming he can withdraw this at some point in the future, his actions on Hyperliquid have… pic.twitter.com/nq2IROQHjD

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