Hyperliquid Dumps JELLY After $10M Loss, Promises Refunds Amid Manipulation Scandal

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HYPERLIQUID GETS WIPED OUT BY JELLY LOVERS

Oh honey, it’s been a wild ride for Hyperliquid. They’re talking about a $10.63 million loss, and I’m not even sure what that means, but it sounds bad. Apparently, their treasury got a little too big for its britches and assumed a short position in JELLY, which is like, a tiny little token. But then, BAM! The price of JELLY went up 230% in like, an hour. I mean, I’ve had days like that when I’m trying to get a good brunch spot, but this is on a whole other level.

So, Hyperliquid’s treasury was like, “Oh no, we’re gonna lose a bunch of money!” And then they were like, “Wait, we can just delist JELLY and make everyone whole again!” And I’m like, “Uh, isn’t that just like, cheating?” But hey, I guess it’s better than losing $240 million. That’s just a lot of money, folks.

But ” And I’m like, “Well, duh.”

So, in response to all this drama, Hyperliquid’s just gonna delist JELLY and make everyone whole again. Because, you know, that’s exactly what you do when you get played. You just give everyone their money back and pretend it never happened. I mean, it’s not like it’s a big deal or anything.

But the real question is, what’s going on with Hyperliquid’s decentralization? I mean, if they’re getting played by some whale, does that mean they’re not decentralized at all? It’s like, if you’re getting hacked by a single entity, are you really decentralized? I guess that’s a question for the philosophers.

And finally, Arthur Hayes had some thoughts on the whole situation. He’s like, “Hyperliquid’s not decentralized, guys. They’re just a bunch of degens trying to make a quick buck.” And I’m like, “Well, duh, Arthur. That’s exactly what we’re all doing here.”

So, there you have it. Hyperliquid’s drama-filled day, and the whole cryptocurrency world is just like, “What’s next?!” 🤯

A massive whale with 124.6M $JELLY($4.85M) is manipulating the price of $JELLY(jellyjelly) to make Hyperliquidity Provider (HLP) face a loss of $12M!

He first dumped $JELLY, crashing the price and leaving HLP with a passive short position of 398M $JELLY($15.3M).

Then he bought…

— Lookonchain (@lookonchain) March 26, 2025

Delisting $Jelly

And then, Hyperliquid’s validator committee was all like, “You know what? We’re just gonna delist JELLY and make everyone whole again.” And I’m like, “Okay, cool. I guess that’s a thing you can do.”

After evidence of suspicious market activity, the validator set convened and voted to 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…

— Hyperliquid (@HyperliquidX) March 26, 2025

And finally, Hyperliquid’s all like, “Don’t worry, guys. Your funds are safe. We’ll just make everyone whole again and pretend this never happened.” And I’m like, “Okay, cool. I guess that’s a thing you can do.”

NEW 🚨

Massive drama going down on Hyperliquid involving $JELLY 👇

1.A trader opened a massive $6M short position on JellyJelly (a small coin, ~$20M mcap at the time).

2.This trader deliberately self-liquidated by pumping JellyJelly’s price on-chain. Essentially forcing…

— Abhi (@0xAbhiP) March 26, 2025

And Arthur Hayes had some more thoughts on the whole situation. He’s like, “Hyperliquid’s not decentralized, guys. They’re just a bunch of degens trying to make a quick buck.” And I’m like, “Well, duh, Arthur. That’s exactly what we’re all doing here.”

$HYPE can’t handle the $JELLY

Let’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

— Arthur Hayes (@CryptoHayes) March 26, 2025

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2025-03-26 20:21