使用价格操纵脆弱性用鲸鱼利用的超液体

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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.

高流动性是最近面临多次鲸鱼攻击的众所周知的衍生品DEX，这次是由于涉及果冻令牌的价格操纵脆弱性而被剥削了。这一事件导致Hyplliquid流动性保险库（HLP）中锁定的总价值急剧下降，并且在Web3社区中也引起了人们对交易所的安全性和透明度的担忧。

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是一种专门从事永久期货交易的分散交易所（DEX）。它以自己的1层区块链HypEREVM运行，该区块链专为快速有效的交易而设计。

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.

超流动性提供商是超流动性的内部流动性库，可作为做市商并处理清算。用户可以将USDC存入HLP以分享其利润或损失。 HLP上的HLP保险库负责流动性管理，并在强迫清算情况下支持该系统。

Source: Medium

资料来源：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是一个低廉的市场帽代币，最初从100-20万美元不等，在Hyperliquid上列出 - 新谣传在CEX上列出了Binance或OKX等CEX。由于其少量资本，它容易受到价格操纵的影响。

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日的活动开始于鲸鱼使用Wallet 0xde95的鲸鱼开放了一个大量的短职位，价值约800万美元的$ 800万美元，$ 800万美元的果冻。这个位置相当于1.26亿果冻，足以操纵果冻的市场价格。

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).

然后，鲸鱼故意移走了边缘，消除了必要的侧支以维持位置。这触发了自动清算，迫使超流动的HLP库接管了巨大的短位置（强制清算）。

Source: Hypurrscan

资料来源：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积极抽出果冻的价格，在现货市场上购买了大量$果冻，以人为地膨胀其价值。在不到一个小时的时间内，果冻的市值从1000万美元飙升至超过5000万美元，导致短暂挤压，并损失了短暂的职位。结果，HLP造成了多达1200万美元的未实现损失。根据分析师Abhi的说法，如果Jelly的市值将达到1.5亿美元，那么Hyproliquid可能会面临完全破产。

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.

在混乱之中，一个新的钱包（0x20E8）在超流动式上开放了一个巨大的长位置，随着$ jelly的价格飙升，未实现的利润迅速累积了约820万美元。

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.

看到极端波动，诸如Binance和OKX之类的集中交易所（CEX）迅速列出了$ Jelly的永久期货（PERPS），进一步加剧了交易活动和价格波动。

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.

根据Zachxbt的调查，谣言表明钱包0x20E8和0x67F是二元资助的。在未经验证的同时，超流利的面孔却来自鲸鱼和主要CEX的无情攻击。

Read more: Centralized Exchanges Intends to Destroy Hyperliquid?

阅读更多：集中式交流打算破坏超流动性？

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.

认识到风险，超流动采取了决定性的行动来应对攻击并减轻潜在的财务损失。验证者集团举行了紧急会议，并投票赞成Delist Jelly Perps，将Jelly的Oracle价格调整为每个令牌0.0095美元，并关闭与$ Jelly相关的所有公开职位。

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

经过可疑市场活动的证据，验证者设置召集并投票给了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

除标记地址外，所有用户都将从超级基础中完整。这将根据OnChain数据在未来几天自动完成。没有……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!

结果，HLP不仅避免了重大损失，而且还获得了70万美元的净利润。 Hyper Foundation承诺要补偿受影响的用户，不包括操纵的钱包。但是，并不是每个人都对此决议感到满意！

Hyperliquid Referral Code

超流利转介代码

4% Lifetime Discount on Trading Fees

交易费用4％终身折扣

Code Valid: March 2025

代码有效：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.

事件发生后，许多人赞扬了超级流动性以保护用户的快速而果断的动作。但是，交易所的举动 - 都将jellyjelly推翻并调整甲骨文以避免损失 - 在加密货币社区中提出了有关此DEX的真正权力下放化的严重问题。

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随后在X上宣布，在发现可疑的交易活动后，验证者决定干预并投票给Delist Jellyjelly。该交易所捍卫了验证者对系统完整性进行干预的责任，但承认需要在投票过程中提高透明度。

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

经过可疑市场活动的证据，验证者设置召集并投票给了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

除标记地址外，所有用户都将从超级基础中完整。这将根据OnChain数据在未来几天自动完成。没有……3月26日，2