Hyperliquid removes JELLY amid market manipulation accusations, promises refunds

The hyperliquid has undergone an estimated loss of $ 10.63 million due to a sudden increase of 230% of the price of $ Jelly, leading to the radiation and the remuneration plans of the token for affected users.

Hyperliquid (THRESHING) The Treasury had automatically assumed a short -term position of $ 5 million in jelly, which transferred to an unrealized loss of approximately $ 10.63 million while the price of the token had jumped in an hour, reaching $ 0,16004.

If Jelly’s price had approached $ 0.17, the hyperliquidal treasure could have faced the liquidation, with potential losses estimated at $ 240 million.

The sudden prize peak is suspected of being the result of coordinated market manipulation. An address identified as 0xde95 would have has opened a short substantial position of 430 million jelly tokens on the hyperliquidx platform.

Shortly after, the same entity deleted its margin, leading to the liquidation of $ 4.5 million in short positions, which the hyperliquid treasury assumed later. At the same time, a newly created portfolio, 0x20e8, opened a long position in the jelly, further influencing the market.

Delise of $ jelly

In response to these events, the Hyperliquid validator committee vote To bring back the jelly of the platform. The token was established in a force at $ 0.0095 to avoid other losses, hyperliquid citing a clear feat and the need to protect USE users.

The platform set short positions assigned to the original opening price of $ 0.0095, helping to avoid additional damage. Hyperliquid assured users that funds remain secure and have confirmed that the hyper foundation will fully compensate users whose portfolios are not reported.

“All users with the exception of the addresses reported will be made from the hyper foundation.”

These developments have triggered discussions concerning the decentralization of the platform.

Arthur Hayes, a notable figure in the cryptocurrency space, commented on the situation, declaring: “Let us stop claiming that the hyperliquid is decentralized … I bet that the beateering will soon return to square one because the decline will continue to drop.”