果凍 - 我 - jelly（果凍）Memecoin剝削帶有超流動性使人牌

可疑的交易活動導致分散交換超級流動性使果凍 - 珍珠（果凍）memecoin脫穎而出，並提供了剝削的詳細信息

Decentralized exchange Hyperliquid has delisted the Jelly-my-Jelly (JELLY) memecoin following suspicious trading activity, leading to details of an exploit emerging over the course of a few days.

在可疑的交易活動後，分散的交易過度流動性使果凍 - 我的jelly（果凍）Memecoin脫穎而出，從而導致了幾天內出現的剝削的細節。

The decentralized finance sector has already seen historic exploits in 2025, as the space struggles with issues of oversight and crypto liquidity. The Bybit hack saw North Korean hackers get away with $1.4 billion in February alone.

由於空間在監督和加密流動性問題上掙扎，分散的金融部門已經在2025年看到了歷史性的利用。 Bybit Hack看到朝鮮黑客僅在2月就以14億美元的價格逃脫了。

The JELLY incident, in which a whale exploited the Hyperliquid exchange’s liquidation parameters, getting away with millions, is just the latest exploit to rock the industry.

一條鯨魚剝削了超流利交易所的清算參數的果凍事件，這只是對行業搖滾的最新利用。

However, some critics have been quick to note that the exploiter will likely still be out of pocket, while several market observers were more critical of Hyperliquid’s reaction to the short squeeze, with one comparing it to the ill-fated FTX. Here’s a look at how the incident unfolded.

但是，一些批評家很快就注意到，剝削者可能仍然不在乎，而幾位市場觀察家對超流動性對短時擠壓的反應更為批評，其中一個將其與命運不佳的FTX進行了比較。這是事件的發展方式。

Venmo co-founder Iqram Magdon-Ismail launched the JELLY token as part of the JellyJelly Web3 social media project. Following the launch on Jan. 30, the token price crashed from $0.21 to just $0.01 some 10 days later.

Venmo聯合創始人Iqram Magdon-Ismail作為Jellyjelly Web3社交媒體項目的一部分推出了果凍代幣。 1月30日推出後，令牌價格從10天后的0.21美元跌至僅0.01美元。

Jelly-my-Jelly token price lost most of its value in the first two weeks of trading. Source: CoinMarketCap

Jelly-My-Jelly代幣的價格在交易的前兩週失去了其價值的大部分價值。資料來源：CoinMarketCap

While the coin’s market cap initially boasted almost a quarter of a billion dollars, by March 26 it had a market cap of roughly $25 million.

儘管硬幣的市值最初擁有將近四分之一的十億美元，但到3月26日，它的市值約為2500萬美元。

Short squeeze of JellyJelly token

簡短的果凍令牌

The short squeeze on the JellyJelly token took place over the course of just a few hours on March 26. According to a postmortem by Arkham Intelligence, this is how it went down:

短暫的果凍代幣的擠壓是在3月26日僅幾個小時的時間裡。

The exploiter deposited $7 million on three separate Hyperliquid accounts, making leveraged trades on the illiquid Jelly token.

剝削者將700萬美元存入了三個單獨的超級流動性帳戶上，這使得在流動性果凍代幣上進行了槓桿交易。

Two accounts took $2.15 million and $1.9 million long positions on JELLY, while the other took a $4.1 million short position to cancel the others out.

有兩個帳戶在果凍上佔了215萬美元和190萬美元的職位，而另一個則佔據了410萬美元的短職位，以取消其他人。

As the price of JELLYJELLY increased, the short position was liquidated, but it was too large to be liquidated normally.

隨著果凍的價格上漲，較短的位置被清算，但太大，無法正常清算。

The short position was passed to the Hyperliquidity Provider Vault (HLP).

短位置傳遞給超流動提供商保險庫（HLP）。

The exploiter meanwhile had a seven-figure PnL from which to withdraw. By this point, the price of JELLY had pumped 400%.

同時，剝削者有一個七位數的PNL可以退出。至此，果凍的價格已經泵出400％。

The exploiter began to pull withdrawals but Hyperliquid soon restricted their accounts. Instead of attempting further withdrawals, they began to sell their JELLY position.

剝削者開始提取提款，但超流利很快就限制了他們的帳戶。他們沒有嘗試進一步提取，而是開始出售果凍位置。

Hyperliquid shuts down Jelly market

超流動關閉果凍市場

As the trader began to sell their remaining Jelly position, Hyperliquid shut down the market for the token. According to Arkham, the exchange closed the market with Jelly at $0.0095, the price at which the third account had entered its short trades.

當交易者開始出售其剩餘的果凍位置時，超流動性關閉了代幣的市場。根據阿卡姆（Arkham）的說法，交易所以果凍為0.0095美元，這是第三個帳戶進入其短交易的價格。

Hyperliquid announced on X that it would delist perpetual futures trading for the JELLY token, citing “evidence of suspicious market activity.”

Hyperliquid在X上宣布，它將以“可疑市場活動的證據”為主題，以果凍代幣的永久交易。

Related: Long and short positions in crypto, explained

相關：加密人物的長位置和短位置

The exchange said, “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.”

交易所說：“除標記地址外，所有用戶都將從超基礎中整體製作。這將在未來幾天根據OnChain數據自動完成。”

It further acknowledged the hit the HLP took when saddled with the long positions but said that the HLP’s positive net income was $700,000 over the last 24 hours: “Technical improvements will be made, and the network will grow stronger as a result of lessons learned.”

它進一步承認，當HLP擔任長期職位時，HLP所採取的措施，但表示HLP的正淨收入在過去24小時內為700,000美元：“將進行技術改進，並且由於所學到的經驗教訓，該網絡將變得更加強大。”

Crypto traders react to exploit

加密交易者對利用反應

Some crypto market observers weren’t very impressed with how Hyperliquid handled the situation. The CEO of Bitget, Gracy Chen, wrote that the way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and putting a question mark on its integrity.

一些加密市場觀察家對如何處理這種情況印象並不深刻。 Bitget的首席執行官Gracy Chen寫道，它處理$ Jelly事件的方式是不成熟，不道德且不專業的，觸發了用戶損失，並在其完整性上提出了問號。

She added that the exchange may be on track to becoming FTX 2.0 and that the decision to close the Jelly market and settle positions at a favorable price with the stipended being paid by the Hyper Foundation is setting a dangerous precedent.

她補充說，交易所可能有望成為FTX 2.0，並且決定以有利的價格關閉果凍市場並結算職位，而由Hyper Foundation支付的索引是危險的先例。

Another market insider, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph that the Jelly meltdown was just another example of how capricious hype-based price action can be in a bull market.

Bitget Wallet的首席運營官Alvin Kan的另一個市場內部人士告訴Cointelegraph，果凍崩潰只是另一個例子，說明瞭如何在牛市中基於反复炒作的價格行動。

“The JELLY incident is a clear reminder that hype without fundamentals doesn’t last for long in a bear market. We'll see more cases like this. In essence, we’re seeing the good aspects of DeFi being highlighted. But on the flip side, some of the bad practices and imperfections within the crypto industry are also coming to light,” he said.

他說：“果凍事件明顯提醒您，沒有基本原理的炒作在熊市中不會持續很長時間。我們將看到更多這樣的案例。本質上，我們看到了Defi的好方面被強調。但是，另一方面，加密貨幣行業中的某些不良實踐和缺陷也揭示了。”

Kan added that in the DeFi sector, momentum can drive short-term attention, but it doesn’t necessarily build sustainable platforms.

Kan補充說，在挑戰行業中，動量可以引起短期關注，但不一定會建立可持續的平台。

“The market will continue to expose projects that are built on speculation, not utility, and those that

“市場將繼續揭示建立在投機而不是公用事業的項目，以及