In the latest escapade of financial folly, a certain ‘genius’ decided to play chess with the Hyperliquid exchange using the ‘delicious’ Jelly my Jelly (JELLY) coin. Spoiler alert: the chessboard caught fire and now our ‘mastermind’ is down a cool million.
Hyperliquid got a taste of the JELLY, and it wasn’t sweet! 😖
A ‘trader’ popped in $7.167M like it was going out of style, on not one, not two, but three accounts. Talk about commitment! They played the leverage game with the liquidity of a rock. And what happened? They lost their shirt, and then some!
But wait, there’s a twist… unless… 🤔
— Arkham (@arkham) March 26, 2025
This enterprising soul then tried to do the old ‘withdraw and dash’ before Hyperliquid could blink. But oh, the sweet, sweet irony when JELLY shot up like a rocket, turning their $4 million short position into a very expensive paperweight.
The short was so big it needed its own zip code and ended up in the Hyperliquidity Provider Vault (HLP). Meanwhile, the ‘trader’ was like a bandit, withdrawing money from the other two accounts faster than you can say ‘JELLY sandwich’.
Hyperliquid wasn’t having any of it. They clamped down on the accounts, turning them into sell-only zones. The exchange then did the equivalent of taking the JELLY out of the fridge and leaving it on the counter to rot, freezing and delisting the coin. Result? The first two accounts bled profits like a stuck pig.
Arkham says the ‘trader’ managed to grab $6.26 million, but a juicy million is still stuck in the system. If they can wriggle it free, they’re only down $4,000. Otherwise, it’s a nearly $1 million trip to the money graveyard.
And if you thought this was a one-off, think again. Hyperliquid’s been a playground for whales who like to liquidate positions for sport. The latest trend? Leveraged positions that make Russian roulette look like a game of tiddlywinks.
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2025-03-27 07:49