果冻 - 我 - jelly（果冻）Memecoin剥削带有超流动性使人牌

可疑的交易活动导致分散交换超级流动性使果冻 - 珍珠（果冻）memecoin脱颖而出，并提供了剥削的详细信息

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.

在可疑的交易活动后，分散的交易过度流动性使果冻 - 我的jelly（果冻）Memecoin脱颖而出，从而导致了几天内出现的剥削的细节。

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.

由于空间在监督和加密流动性问题上挣扎，分散的金融部门已经在2025年看到了历史性的利用。 Bybit Hack看到朝鲜黑客仅在2月就以14亿美元的价格逃脱了。

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.

一条鲸鱼剥削了超流利交易所的清算参数的果冻事件，这只是对行业摇滚的最新利用。

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，一些批评家很快就注意到，剥削者可能仍然不在乎，而几位市场观察家对超流动性对短时挤压的反应更为批评，其中一个将其与命运不佳的FTX进行了比较。这是事件的发展方式。

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联合创始人Iqram Magdon-Ismail作为Jellyjelly Web3社交媒体项目的一部分推出了果冻代币。 1月30日推出后，令牌价格从10天后的0.21美元跌至仅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代币的价格在交易的前两周失去了其价值的大部分价值。资料来源：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.

尽管硬币的市值最初拥有将近四分之一的十亿美元，但到3月26日，它的市值约为2500万美元。

Short squeeze of JellyJelly token

简短的果冻令牌

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:

短暂的果冻代币的挤压是在3月26日仅几个小时的时间里。

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

剥削者将700万美元存入了三个单独的超级流动性帐户上，这使得在流动性果冻代币上进行了杠杆交易。

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.

有两个帐户在果冻上占了215万美元和190万美元的职位，而另一个则占据了410万美元的短职位，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.

随着果冻的价格上涨，较短的位置被清算，但太大，无法正常清算。

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

短位置传递给超流动提供商保险库（HLP）。

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

同时，剥削者有一个七位数的PNL可以退出。至此，果冻的价格已经泵出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.

剥削者开始提取提款，但超流利很快就限制了他们的帐户。他们没有尝试进一步提取，而是开始出售果冻位置。

Hyperliquid shuts down Jelly market

超流动关闭果冻市场

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.

当交易者开始出售其剩余的果冻位置时，超流动性关闭了代币的市场。根据阿卡姆（Arkham）的说法，交易所以果冻为0.0095美元，这是第三个帐户进入其短交易的价格。

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，它将以“可疑市场活动的证据”为主题，以果冻代币的永久交易。

Related: Long and short positions in crypto, explained

相关：加密人物的长位置和短位置

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.”

交易所说：“除标记地址外，所有用户都将从超基础中整体制作。这将在未来几天根据OnChain数据自动完成。”

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.”

它进一步承认，当HLP担任长期职位时，HLP所采取的措施，但表示HLP的正净收入在过去24小时内为700,000美元：“将进行技术改进，并且由于所学到的经验教训，该网络将变得更加强大。”

Crypto traders react to exploit

加密交易者对利用反应

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.

一些加密市场观察家对如何处理这种情况印象并不深刻。 Bitget的首席执行官Gracy Chen写道，它处理$ Jelly事件的方式是不成熟，不道德且不专业的，触发了用户损失，并在其完整性上提出了问号。

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.

她补充说，交易所可能有望成为FTX 2.0，并且决定以有利的价格关闭果冻市场并结算职位，而由Hyper Foundation支付的索引是危险的先例。

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的首席运营官Alvin Kan的另一个市场内部人士告诉Cointelegraph，果冻崩溃只是另一个例子，说明了如何在牛市中基于反复炒作的价格行动。

“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.

他说：“果冻事件明显提醒您，没有基本原理的炒作在熊市中不会持续很长时间。我们将看到更多这样的案例。本质上，我们看到了Defi的好方面被强调。但是，另一方面，加密货币行业中的某些不良实践和缺陷也揭示了。”

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

Kan补充说，在挑战行业中，动量可以引起短期关注，但不一定会建立可持续的平台。

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

“市场将继续揭示建立在投机而不是公用事业的项目，以及