超流动性（HYPE）利用市场操纵事件引起的400％+价格泵

在最近的涉及果冻果冻（果冻）代币的超流动性（HYPE）的市场操纵事件之后，衍生品交易所决定将果冻和报销受影响的用户进行混乱。

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.

最近对超流动性（HYPE）的市场操纵事件导致了果冻果冻（果冻）永久合同的完全脱颖而出，而该平台的验证者做出了最终决定。该事件还看到了交易所报销受影响的用户。不久之后，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.

这两种交流都以迎合优惠高费用和高流动性的高度活跃交易者的迎合而闻名，尤其是在极端市场波动的时期。凭借果冻的价格变动和高交易量的潜力，两种交流都决定快速行动并列出果冻期货也就不足为奇了。

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，一些用户认为Binance和OKX的举动不仅仅是收费的潜在利润，还可以擦拭竞争对手。一位用户甚至称这是“试图埋葬竞争对手的纯粹举动”，将其与Binance所谓的FTX崩溃中的作用进行了比较，并补充说“重写了FTX发生的事情的历史”。

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，区块链研究者Zachxbt指出，与操作0x20E8和0x67F相关的两个帐户是通过二手资金资助的。

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

同时，据Coingecko称，果冻的价格已返回到0.020美元。

The manipulation incident

操纵事件

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.

根据Arkham Intelligence的说法，该交易者开设了三个帐户：两个持有长位的长度为215万美元和190万美元，三分之一，短职位为410万美元，有效地平衡了渴望。总计为717万美元。

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

溢流刚被利用。发生了什么事？一个交易者在彼此5分钟内在3个单独的超流利帐户上存入了71.67亿美元。然后，他用流动性的硬币进行了杠杆交易。

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.

然后，交易员积极地通过分散的交易所购买了果冻。由于Dexes上的流动性很低，因此他们的购买活动迅速推高了果冻的价格。在代币的价格上涨超过400％之后，应该清算了410万美元的短职位。但是，清算太大而无法立即执行，因此将其转移到了Hyperliquid自动化的营销保险库（超流动性提供商）。同时，交易者很快从其他两个帐户中撤回了资金，由于其DEX购买活动，从Jelly 400％+价格上涨中提高了利润。根据阿卡姆（Arkham）的说法，交易者设法撤回了626万美元，账户中仍保留约90万美元。

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.

在这一点上，超级流动性吸引了正在发生的事情，并限制了交易者的帐户减少仅模式，从而冻结了他们撤回资金的能力。随着提款的阻塞，交易者随后开始在市场上出售果冻。

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.

这种销售有助于他们收回一些资金，但并没有完全挽救他们的立场，因为Hyperliquid随后以0.0095美元的价格关闭了市场，与他们开设短交易的价格相同。结果，擦除了前两个帐户上的所有浮动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的创始人Abhi表示，如果Hyperliquid没有关闭该职位，那么如果Jelly达到1.5亿美元的市值，它将面临完全的清算。

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.

事件发生后，Hyproliquid决定永久使用果冻。该决定是由超级流动性验证者之间的共识做出的，由于集中化的关注，引起了加密社区的愤怒。亚瑟·海耶（Arthur Hayer）说，超流动性显然无法用果冻处理这种情况，现在是时候停止假装那个超级流动性是一个分散的平台了。

$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无法处理$ jellylet的停止假装超流动性被分散了，然后停止假装交易者实际上给你打个bet你$ hype $ hype又回来了

Echoing his sentiment, Bitget CEO Gracy Chen commented:

Bitget首席执行官Gracy Chen回应了他的情绪，评论了：

“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.”

陈说：“决定以良好的价格关闭$果冻市场和股份定居股份定居。” “信任 - 不是资本 - 是任何交流的基础[…]，一旦失去，几乎不可能恢复。”