超流動性（HYPE）利用市場操縱事件引起的400％+價格泵

在最近的涉及果凍果凍（果凍）代幣的超流動性（HYPE）的市場操縱事件之後，衍生品交易所決定將果凍和報銷受影響的用戶進行混亂。

The recent market manipulation incident on Hyperliquid (HYPE) has led to the complete delisting of Jelly Jelly (JELLY) perpetual contracts from the exchange, with the platform’s validators making the final decision. The incident also saw the exchange reimbursing affected users. Shortly after, Binance listed JELLY futures, followed by OKX.

最近對超流動性（HYPE）的市場操縱事件導致了果凍果凍（果凍）永久合同的完全脫穎而出，而該平台的驗證者做出了最終決定。該事件還看到了交易所報銷受影響的用戶。不久之後，Binance列出了Jelly Futures，其次是Okx。

Both exchanges are known for catering to highly active traders who prefer low fees and high liquidity, especially during times of extreme market volatility. With JELLY’s price movements and the potential for high trading volume, it’s no surprise that both exchanges decided to move quickly and list JELLY futures.

這兩種交流都以迎合優惠高費用和高流動性的高度活躍交易者的迎合而聞名，尤其是在極端市場波動的時期。憑藉果凍的價格變動和高交易量的潛力，兩種交流都決定快速行動並列出果凍期貨也就不足為奇了。

However, some users believe that Binance and OKX’s move isn’t just about potential profit from fees, but also wipes the competitor. One user even called it a “pure move to try and bury a competitor,” comparing it to Binance’s alleged role in FTX’s collapse, adding it “rewrites the history of what happened to FTX.”

但是，一些用戶認為Binance和OKX的舉動不僅僅是收費的潛在利潤，還可以擦拭競爭對手。一位用戶甚至稱這是“試圖埋葬競爭對手的純粹舉動”，將其與Binance所謂的FTX崩潰中的作用進行了比較，並補充說“重寫了FTX發生的事情的歷史”。

Interestingly, blockchain investigator ZachXBT pointed out that the two accounts linked to the manipulation 0x20e8 and 0x67f were funded via Binance.

有趣的是，區塊鏈研究者Zachxbt指出，與操作0x20E8和0x67F相關的兩個帳戶是通過二手資金資助的。

Meanwhile, the price of JELLY has retraced to $0.020, according to CoinGecko.

同時，據Coingecko稱，果凍的價格已返回到0.020美元。

The manipulation incident

操縱事件

According to Arkham Intelligence, the trader in question opened three accounts: two holding long positions worth $2.15 million and $1.9 million, and a third with a $4.1 million short position, effectively balancing out the longs. The total amounted to $7.17M.

根據Arkham Intelligence的說法，該交易者開設了三個帳戶：兩個持有長位的長度為215萬美元和190萬美元，三分之一，短職位為410萬美元，有效地平衡了渴望。總計為717萬美元。

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, JELLYJELLY.However, he ended up losing money, and is down almost $1M unless… pic.twitter.com/uNyMwLS5Sc

溢流剛被利用。發生了什麼事？一個交易者在彼此5分鐘內在3個單獨的超流利帳戶上存入了71.67億美元。然後，他用流動性的硬幣進行了槓桿交易。

Then, the trader aggressively bought JELLY on decentralized exchanges. Since liquidity on DEXes is low, their buying activity quickly drove JELLY price up. After the token’s price increased by over 400%, the $4.1 million short position was supposed to be liquidated. However, the liquidation was too large to be executed immediately, so it was transferred to HyperLiquid’s automated market-making vault, the Hyperliquidity Provider. At the same time, the trader quickly withdrew funds from their other two accounts with unrealized profit from the JELLY 400%+ price increase as a result of their DEX buying activity. According to Arkham, the trader managed to withdraw $6.26 million, with ~$900K still remaining in the accounts.

然後，交易員積極地通過分散的交易所購買了果凍。由於Dexes上的流動性很低，因此他們的購買活動迅速推高了果凍的價格。在代幣的價格上漲超過400％之後，應該清算了410萬美元的短職位。但是，清算太大而無法立即執行，因此將其轉移到了Hyperliquid自動化的營銷保險庫（超流動性提供商）。同時，交易者很快從其他兩個帳戶中撤回了資金，由於其DEX購買活動，從Jelly 400％+價格上漲中提高了利潤。根據阿卡姆（Arkham）的說法，交易者設法撤回了626萬美元，賬戶中仍保留約90萬美元。

At this point, HyperLiquid caught on to what was happening and restricted the trader’s accounts to reduce-only mode, freezing their ability to withdraw funds. With withdrawals blocked, the trader then started selling JELLY on the market.

在這一點上，超級流動性吸引了正在發生的事情，並限制了交易者的帳戶減少僅模式，從而凍結了他們撤回資金的能力。隨著提款的阻塞，交易者隨後開始在市場上出售果凍。

This selling helped them recover some of the funds, but it didn’t fully salvage their position because HyperLiquid then closed the market at $0.0095, the same price at which they opened their short trade. As a result, all floating PnL on the first two accounts were wiped.

這種銷售有助於他們收回一些資金，但並沒有完全挽救他們的立場，因為Hyperliquid隨後以0.0095美元的價格關閉了市場，與他們開設短交易的價格相同。結果，擦除了前兩個帳戶上的所有浮動PNL。

According to Abhi, founder of Web3 company AP Collective, said that if Hyperliquid didn’t close the position, it would’ve faced full liquidation if JELLY reached $150M market cap.

Web3 Company AP Collective的創始人Abhi表示，如果Hyperliquid沒有關閉該職位，那麼如果Jelly達到1.5億美元的市值，它將面臨完全的清算。

After the incident, Hyperliquid’s decided to delist JELLY perpetuals. The decision was made by a consensus between Hyperliquid’s validators, sparking outrage from crypto community due to centralization concerns. Arthur Hayer said that HyperLiquid clearly wasn’t able to handle the situation with JELLY and that it’s time to stop pretending that Hyperliquid is a decentralized platform.

事件發生後，Hyproliquid決定永久使用果凍。該決定是由超級流動性驗證者之間的共識做出的，由於集中化的關注，引起了加密社區的憤怒。亞瑟·海耶（Arthur Hayer）說，超流動性顯然無法用果凍處理這種情況，現在是時候停止假裝那個超級流動性是一個分散的平台了。

$HYPE can’t handle the $JELLYLet’s stop pretending hyperliquid is decentralised And then stop pretending traders actually give a fuck Bet you $HYPE is back where is started in short order cause degens gonna degen

$ hype無法處理$ jellylet的停止假裝超流動性被分散了，然後停止假裝交易者實際上給你打個bet你$ hype $ hype又回來了

Echoing his sentiment, Bitget CEO Gracy Chen commented:

Bitget首席執行官Gracy Chen回應了他的情緒，評論了：

“The decision to close the $JELLY market and force settlement of positions at a favorable price sets a dangerous precedent,” Chen said. “Trust—not capital—is the foundation of any exchange […] and once lost, it’s almost impossible to recover.”

陳說：“決定以良好的價格關閉$果凍市場和股份定居股份定居。” “信任 - 不是資本 - 是任何交流的基礎[…]，一旦失去，幾乎不可能恢復。”