使用價格操縱脆弱性用鯨魚利用的超液體

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Hyperliquid, a well-known derivatives DEX that has recently faced multiple whale attacks, has once again been exploited, this time due to a price manipulation vulnerability involving the JELLY token. This incident caused a sharp decline in the total value locked (TVL) in Hyperliquid's liquidity vault (HLP), and it has also raised concerns within the Web3 community regarding the exchange's security and transparency.

高流動性是最近面臨多次鯨魚攻擊的眾所周知的衍生品DEX，這次是由於涉及果凍令牌的價格操縱脆弱性而被剝削了。這一事件導致Hyplliquid流動性保險庫（HLP）中鎖定的總價值急劇下降，並且在Web3社區中也引起了人們對交易所的安全性和透明度的擔憂。

Background of the Case

案件的背景

Hyperliquid is a decentralized exchange (DEX) specializing in perpetual futures trading. It operates on its own Layer-1 blockchain, HyperEVM, designed for fast and efficient transactions.

Hyperliquid是一種專門從事永久期貨交易的分散交易所（DEX）。它以自己的1層區塊鏈HypEREVM運行，該區塊鏈專為快速有效的交易而設計。

Hyperliquidity Provider is an internal liquidity vault of Hyperliquid that acts as a market maker and handles liquidations. Users can deposit USDC into HLP to share in its profits or losses. The HLP vault on Hyperliquid is responsible for liquidity management and supporting the system in cases of forced liquidations.

超流動性提供商是超流動性的內部流動性庫，可作為做市商並處理清算。用戶可以將USDC存入HLP以分享其利潤或損失。 HLP上的HLP保險庫負責流動性管理，並在強迫清算情況下支持該系統。

Source: Medium

資料來源：中等

$JELLY is a low-market-cap token, initially ranging from $10-20 million, being listed on Hyperliquid – newly rumored to list on CEX like Binance or OKX. Due to its small capitalization, it is susceptible to price manipulation.

$ Jelly是一個低廉的市場帽代幣，最初從100-20萬美元不等，在Hyperliquid上列出 - 新謠傳在CEX上列出了Binance或OKX等CEX。由於其少量資本，它容易受到價格操縱的影響。

The event on March 26 began when a whale, using wallet 0xde95, opened a massive short position worth approximately $8 million on $JELLY through Hyperliquid. This position, equivalent to 126 million JELLY, was large enough to manipulate JELLY's market price.

3月26日的活動開始於鯨魚使用Wallet 0xde95的鯨魚開放了一個大量的短職位，價值約800萬美元的$ 800萬美元，$ 800萬美元的果凍。這個位置相當於1.26億果凍，足以操縱果凍的市場價格。

The whale then deliberately removed the margin, eliminating the necessary collateral to maintain the position. This triggered an automatic liquidation, forcing Hyperliquid's HLP vault to take over the massive short position (forced liquidation).

然後，鯨魚故意移走了邊緣，消除了必要的側支以維持位置。這觸發了自動清算，迫使超流動的HLP庫接管了巨大的短位置（強制清算）。

Source: Hypurrscan

資料來源：hyburrscan

Wallet 0xde95 aggressively pumped JELLY's price on-chain, purchasing a large amount of $JELLY in the spot market to artificially inflate its value. Within less than an hour, JELLY's market cap surged from $10 million to over $50 million, causing a short squeeze—forcing short positions to close at a loss. As a result, HLP incurred an unrealized loss of up to $12 million. According to analyst Abhi, if JELLY's market cap were to reach $150 million, Hyperliquid could face complete insolvency.

Wallet 0xde95積極抽出果凍的價格，在現貨市場上購買了大量$果凍，以人為地膨脹其價值。在不到一個小時的時間內，果凍的市值從1000萬美元飆升至超過5000萬美元，導致短暫擠壓，並損失了短暫的職位。結果，HLP造成了多達1200萬美元的未實現損失。根據分析師Abhi的說法，如果Jelly的市值將達到1.5億美元，那麼Hyproliquid可能會面臨完全破產。

Amid the chaos, a new wallet (0x20e8) opened a large long position on Hyperliquid and quickly accumulated an unrealized profit of approximately $8.2 million as $JELLY's price surged.

在混亂之中，一個新的錢包（0x20E8）在超流動式上開放了一個巨大的長位置，隨著$ jelly的價格飆升，未實現的利潤迅速累積了約820萬美元。

Seeing the extreme volatility, centralized exchanges (CEXs) such as Binance and OKX swiftly listed perpetual futures (perps) for $JELLY, further fueling trading activity and price fluctuations.

看到極端波動，諸如Binance和OKX之類的集中交易所（CEX）迅速列出了$ Jelly的永久期貨（PERPS），進一步加劇了交易活動和價格波動。

Rumors suggest wallets 0x20E8 and 0x67f were Binance-funded, according to an investigation by ZachXBT. While unverified, Hyperliquid faces relentless attacks from whales and major CEXs.

根據Zachxbt的調查，謠言表明錢包0x20E8和0x67F是二元資助的。在未經驗證的同時，超流利的面孔卻來自鯨魚和主要CEX的無情攻擊。

Read more: Centralized Exchanges Intends to Destroy Hyperliquid?

閱讀更多：集中式交流打算破壞超流動性？

Recognizing the risk, Hyperliquid took decisive action to counter the attack and mitigate potential financial losses. The validator group held an emergency meeting and voted to delist JELLY perps, adjust JELLY's oracle price to $0.0095 per token, and close all open positions related to $JELLY.

認識到風險，超流動採取了決定性的行動來應對攻擊並減輕潛在的財務損失。驗證者集團舉行了緊急會議，並投票贊成Delist Jelly Perps，將Jelly的Oracle價格調整為每個令牌0.0095美元，並關閉與$ Jelly相關的所有公開職位。

After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps.

經過可疑市場活動的證據，驗證者設置召集並投票給了Delist Jelly Perps。

All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no…March 26, 2025

除標記地址外，所有用戶都將從超級基礎中完整。這將根據OnChain數據在未來幾天自動完成。沒有……2025年3月26日

As a result, HLP not only avoided major losses but also secured a net profit of $700K. Hyper Foundation pledged to compensate affected users, excluding wallets involved in the manipulation. However, not everyone is happy with this resolution!

結果，HLP不僅避免了重大損失，而且還獲得了70萬美元的淨利潤。 Hyper Foundation承諾要補償受影響的用戶，不包括操縱的錢包。但是，並不是每個人都對此決議感到滿意！

Hyperliquid Referral Code

超流利轉介代碼

4% Lifetime Discount on Trading Fees

交易費用4％終身折扣

Code Valid: March 2025

代碼有效：2025年3月

After the incident, many praised Hyperliquid for its quick and decisive actions to protect users. However, the exchange’s moves—both delisting JELLYJELLY and adjusting the oracle price to avoid losses—have raised serious questions within the crypto community about the true decentralization of this DEX.

事件發生後，許多人讚揚了超級流動性以保護用戶的快速而果斷的動作。但是，交易所的舉動 - 都將jellyjelly推翻並調整甲骨文以避免損失 - 在加密貨幣社區中提出了有關此DEX的真正權力下放化的嚴重問題。

Hyperliquid later announced on X that after detecting suspicious trading activity, the validators decided to intervene and voted to delist JELLYJELLY. The exchange defended the validators’ responsibility to intervene for system integrity but acknowledged the need for greater transparency in the voting process.

Hyperliquid隨後在X上宣布，在發現可疑的交易活動後，驗證者決定乾預並投票給Delist Jellyjelly。該交易所捍衛了驗證者對系統完整性進行干預的責任，但承認需要在投票過程中提高透明度。

After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps.

經過可疑市場活動的證據，驗證者設置召集並投票給了Delist Jelly Perps。

All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no…March 26, 2

除標記地址外，所有用戶都將從超級基礎中完整。這將根據OnChain數據在未來幾天自動完成。沒有……3月26日，2