过度流动的市场操纵尝试可能会使交易员花费近100万美元

交易者试图通过一系列计算的交易来利用果冻纪念物的价格变动。

A trader accused of market manipulation on crypto trading platform Hyperliquid could lose nearly $1 million, according to blockchain analytics firm Arkham Intelligence.

根据区块链分析公司阿卡姆情报公司（Arkham Intelligence）的数据，一名被指控在加密交易平台上进行市场操纵的交易者可能会损失近100万美元。

The trader attempted to exploit price movements of the JELLY memecoin through a series of calculated trades. However, Hyperliquid responded by freezing accounts, limiting actions, and shutting down the JELLY token market.

交易者试图通过一系列计算的交易来利用果冻纪念物的价格变动。但是，超流动的回应是通过冻结帐户，限制行动并关闭果冻代币市场的回应。

According to Arkham, the trader created three different accounts within minutes. Two of those accounts placed large bets that the price of JELLY would go up, known as long positions. These positions were valued at $2.15 million and $1.9 million. The third account opened a short position worth $4.1 million, which was a bet that the price would go down.

根据阿卡姆（Arkham）的说法，交易员在几分钟内创建了三个不同的帐户。其中两个说明果冻的价格会上涨，称为长位置。这些职位的价值为215万美元和190万美元。第三个帐户开设了一个价值410万美元的短职位，这是一个赌注，价格将下跌。

This setup allowed the trader to increase leverage—essentially borrowing more funds based on collateral—to gain more exposure to potential price movements. This move was likely intended to threaten the platform’s liquidation system and withdraw profits before it could react, explained Arkham.

这种设置使交易者可以增加杠杆作用（基于抵押品基于抵押品的更多资金），以增加对潜在价格变动的影响。阿卡姆解释说，这一举动可能旨在威胁平台的清算系统并在其反应之前撤回利润。

JELLY Price Spike Triggered Liquidation of the Short Position

果冻价格尖峰触发了短位置的清算

The scheme began to unravel when the price of JELLY rose over 400%. The large short position then became vulnerable to liquidation. On trading platforms, when a position becomes too risky, it is automatically sold to prevent further losses. In this case, the short position was too large to be handled instantly and was passed to Hyperliquid’s liquidity protection system, known as the Hyperliquidity Provider Vault (HLP).

当果冻的价格上涨超过400％时，该计划开始瓦解。然后，较大的短位置变得容易被清算。在交易平台上，当职位变得过于危险时，它会自动出售以防止进一步的损失。在这种情况下，较短的位置太大而无法立即处理，并传递给了Hyperliquid的流动性保护系统，称为超流动性提供商库（HLP）。

At the same time, the trader withdrew collateral from the two accounts that showed large paper profits. At that point, the trader had a seven-figure unrealized profit, said Arkham.

同时，交易员从两个显示大量纸质利润的帐户中退出了抵押品。阿卡姆说，那时，交易者获得了七位数未实现的利润。

Hyperliquid quickly responded by placing restrictions on the trader’s accounts. The accounts were limited to “reduce-only” orders, meaning they could only sell existing positions and not open new ones. This move was meant to prevent the trader from exploiting the situation any further.

高流动性很快就对交易者帐户施加限制做出了回应。这些帐户仅限于“仅减少”订单，这意味着他们只能出售现有职位而不开放新的职位。此举旨在防止交易者进一步利用局势。

The trader then attempted to recover funds by selling tokens from one of the accounts. However, Hyperliquid soon closed the JELLY market and set the final price at $0.0095—the same as the short position price. This erased all floating profit and loss from the two accounts, effectively canceling out the gains the trader had tried to extract.

然后，交易者试图通过从其中一个帐户中出售令牌来收回资金。但是，Hyperliquid很快就关闭了果冻市场，并将最终价格定为0.0095美元，与短头价相同。这消除了两个帐户中的所有浮动利润和损失，有效地取消了交易者试图提取的收益。

$1 Million Still Stuck in the Hyperliquid System

100万美元仍然卡在超流动系统中

The trader managed to withdraw $6.26 million from the platform before restrictions were applied, explained Arkham. However, around $1 million remains frozen in the affected accounts.

Arkham解释说，交易者在施加限制之前设法从该平台上撤回了626万美元。但是，在受影响的帐户中，约有100万美元仍然冻结。

“If he can withdraw this in the future, the total loss would be around $4,000. But if not, the trader could be facing a loss close to $1 million,” explained the blockchain analytics firm.

“如果他将来可以撤回这一点，总损失将约为4,000美元。但是，如果没有，则交易者可能面临接近100万美元的损失，”区块链分析公司解释说。

This isn’t the first time Hyperliquid has dealt with aggressive trading tactics. Earlier in March, the platform increased margin requirements after a large Ether (ETH) liquidation caused serious losses.

这不是Hyplliquid首次处理积极的交易策略。 3月初，该平台在大量以太（ETH）清算后增加了利润率的要求。

On March 12, a whale trader deliberately liquidated a $200 million long position in ETH, leading to a $4 million loss for the platform’s liquidity pool. In response, Hyperliquid decided to make trading conditions stricter to reduce future risks.

3月12日，一名鲸鱼交易员故意在ETH上清算了2亿美元的长度，导致该平台的流动性池损失了400万美元。作为回应，超流动性决定使贸易条件更加严格，以降低未来的风险。