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The distinctive symbol Jelly goes acid after using $ 6 million at the liquid height

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The suspicious trading activity has caused Hyperliquid to delete the Jelly-Jelly-Jelly (Jelly), with details of exploitation collapsing over a few days.

The decentralized financing sector has already witnessed historical monuments in 2025, as space is struggling with supervision and security issues. The penetration of the BYBIT North Korean infiltrators saw $ 1.4 billion In February alone.

The gel incident, where it contained Take advantage of the excessive stock exchange parametersStay away from millions, is just an exploitation to calm the industry.

Observers criticized Hyperliquid reaction in a circular motion of short pressure, as it compared it to the fateful FTX. Here’s a look at how the accident evolves.

The price of the gel symbol is disrupted before the exploitation of the excessive liquid

IQRAM MAGDON-IISMAIL, co-founder of Venmo, launched the Jelly symbol as part of the Jellyjelly Web3 social media project. After the launch on January 30, the distinctive code price fell from $ 0.21 to only $ 0.01 after about 10 days.

*Jelly-Jelly has lost most of its first two weeks of trading. source:* *Coinmarketcap*

While the maximum metal currency market initially included nearly a quarter of a billion dollars, by March 26, the market value was about 25 million dollars.

Short pressure from Jellyjelly

The short pressure on the Jellyjelly icon was just a few hours a few hours on March 26. According to Post -death Written by Arkham Intelligence, thus fell:

The exploiter deposited $ 7 million on three separate accounts of liquid effectiveness, making the deals tied to the non -liquid gel symbol.
Two accounts got $ 2.15 million and $ 1.9 million at long -standing positions, while the other occupied 4 million dollars from the short center to cancel others.
With the increase in the price of Jellyjelly, the short position was filtered, but it was very large so that it could not be normal.
The short mode is passed to the Vault Hyperlequid Siduct (HLP).
Meanwhile, the exploit was seven numbers PNL Who withdraws. By this point, the price of the gel had pumped 400 %.
The exploited began to withdraw withdrawals, but the liquid quickly listed their calculations. Instead of trying more withdrawals, they started selling their position on the gel.

The liquid falls the Gili market

When the trader began selling his remaining gel, Hyperlequid closed the market for the distinctive symbol. According to ICHER, the stock exchange closed the market at $ 0.0095, the price that entered the third account in its short trading.

HyperLeiid announced on X that it would spoil the permanent future trading of the gel symbol, pointing to “evidence of suspicious market activity.”

“All users will be made regardless of the addresses that were placed in a full position of excessive foundation. This will be done automatically in the coming days based on Onchain data,” said the stock exchange.

It also recognized that the HLP HLP when it was installed in long situations, but said that the net positive income of HLP was $ 700,000 over the past 24 hours: “Technical improvements will be made, and the network will increase the strongest as a result of the lessons learned.”

Crosses criticize the liquid of the liquid

Some market monitors were not very admired by how to address the excessive position. “The way I dealt with the incident of $ Jelly was immature, unethical, and unprofessional, leading to user losses and receiving serious doubts about its integrity.”

She said that the stock exchange “may be on the right path to become FTX 2.0” and that the decision to close the Jelly market and settle parking at a favorable price “puts a dangerous precedent.”

I told Alvin Kan, Bitget Wallet, CointeleGRAP, Alvin Kan, CointeleGRAP

“The gel incident is a clear reminder that the noise without essentials does not last […] In Defi, momentum can arouse short -term attention, but it does not build sustainable platforms. ”

He concluded that the market will continue to expose projects based on speculation, not benefit.

It seems that Arthur Hayes, the founder of Pittsmx, indicates that the reactions to the gel incident were exaggerated, and wrote on X, “Let’s stop pretending that it is an inaccurate. Then they stopped pretending to merchants in reality.”

The Stock Exchange has already taken measures on trading tied earlier in March, which increased the margin requirements for merchants after HLP lost millions of dollars during a large liquidation of ether.

However, Hayes can be right – “Degen” traders who suffer from peace with the danger of Defi eating losses and continuing forward. Moreover, it does not seem a clear legal framework for Defi will come any time soon, at least not in the United States. There may be no pressure or supervision, unlike the user interactions, to make “decentralized exchanges” change their ways.

The real paradox for exploitation is that it seems that everyone is lost – exchange, merchants and even exploiters.

In total, the trader deposited $ 7.17 million in his accounts but was not able to withdraw only $ 6.26 million, with a balance of about $ 900,000 still remains on its excessive accounts. If they can recover the money, the exploitation will cost them about $ 4,000; If not, it may cost them approximately one million dollars.

magazine: Doubted identification founder