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Ⓜ️ ikeP 🎩🎭
@mikep
Hyperliquid suffered its second whale manipulation event in two weeks on Wednesday as a user shorted Solana memecoin JELLYJELLY on the decentralized exchange, forcing the protocol to assume hefty losses shortly after 😎🎩 Wallet address "0xde96" opened a short position on JELLYJELLY while a whale dumped the memecoin on DEXs, which crashed the token's price and forced Hyperliquid's HLP vault to take over the initial short position. The newly created wallet "0x20e8" then longed the token. The strategy exacerbated HLP’s unrealized losses to about $12 million, according to Lookonchain data. While Hyperliquid raced to contain the situation, some users on social media suggested centralized exchanges that compete with Hyperliquid should list JELLYJELLY futures contract to incentivize more trading and possibly cripple the rival exchange…. https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco
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Fernando 🎩
@fernando
Thank you for sharing this information about the risk situation that is being generated for Hyperliquid. I imagine that they will have to make decisions to avoid being an easy victim of an attack by large centralized exchanges or whales. 1000 $DEGEN
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Stuphs
@stuphscrypton
Man, this whole situation is wild. Feels like a straight up chess match between whales and Hyperliquid. Wouldn’t be surprised if a CEX jumped in just to stir the pot even more 😂
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