A cryptocurrency that would have manipulated the price of jelly (jelly) same on hyperliquid of the decentralized exchange still holds almost $ 2 million of the token, according to blockchain analysts.
The unidentified whale has achieved at least $ 6.26 million in profits by operating the liquidation parameters on the hyperliquidal.
According to a post-mortem report by the Arkham Blockchain Intelligence Company, the whale opened three major commercial positions in five minutes: two long positions worth 2.15 million dollars and 1.9 million dollars, and an uncovered position of $ 4.1 million that effectively compensates long.
Source: Arkham
When the price of the jelly increased by 400%, the short position of $ 4 million was not immediately liquidated due to its size. Instead, it was absorbed by the vault of the hyperliquidity supplier (HLP), which is designed to liquidate large positions.
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In more disturbing revelations, the entity can still have a value of almost $ 2 million in the token offer, according to the engineer of the Zachxbt blockchain.
“Five addresses linked to the entity that has manipulated the jelly on the hyperliquid still holds around 10% of the supply of jelly on Solana ($ 1.9 million +). The whole jelly has been bought since March 22, 2025,” he wrote in a telegram of March 26.
The entity continues to sell tokens despite the freezing of hyperliquids and the removal of the same, citing “suspicious market activity” involving commercial instruments.
The collapse of the Jelly token is the last in a series of scandals of the same and regimes of initiates that seek to capitalize on the media threshing of investors.
Source: Bubblemaps
The feat did not take place only two weeks after a memecoin wolf inspired by Wall Street – launched by the official Melania (Melania) and the Libra (balance), the co -creator of Hayden Davis tokens – crashed more than 99% after its launch with an initiate supply of 80%.
Wolf / Sol, market capitalization, one hour graphic. Source: Dex screen
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The lessons of the merger of Jelly Falle: “Hype without fundamentals”
“The jelly incident is a clear reminder that the threshing media without fundamentals does not last”, according to Alvin Kan, chief of operation at Bitget Wallet.
“In Defi, Momentum can stimulate short-term attention, but it does not build sustainable platforms,” Kan told Cointelegraph, adding:
“Speculation -based projects, and not on usefulness, will continue to be exposed – in particular on a market where capital moves quickly and without permanence.”
While the hyperliquid response has amortized short -term damage, it raises other questions about decentralization, because similar interventions “blur the line between decentralized ethics and centralized control”.
The hyper foundation, the non -profit ecosystem of the hyperliquid, will reimburse “automatically” the most affected users for losses linked to the incident, with the exception of addresses belonging to operating it.
https://www.youtube.com/watch?v=3dyench-2is
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