Hyperliquid vault was attacked again: organized, premeditated and more scheming. If Binance releases related benefits, it may "directly kill the game"

PANews reported on March 26 that @ai_9684xtpa released a recap of the Hyperliquid vault being attacked again:

1. A whale with 50x leverage on Hyperliquid previously used the Hyperliquid mechanism to "actively liquidate 160,000 ETH long positions" and withdraw $1.857 million in profits;

2. More cunning target selection: At that time, the target chosen by the 50x leveraged whale on Hyperliquid was ETH, but this time the attacker’s target was Memecoin $Jellyjelly, which has a depth gap of N times, making price manipulation much easier

3. Open an airdrop and set up bait: Address 0xde9...f5c91 opened a $4.08 million $JELLY short order on Hyperliquid, with an opening price of $0.0095 and a margin of 3.5 million USDC

4. Re-enactment of active liquidation: Another address Hc8gN...WRcwq cooperated with the spot market to lower the coin price after the short order was opened, making the short order have floating profit space. At the same time, the opening address withdrew the margin of 2.76 million USDC, and the position liquidation was taken over by the vault by repeating the same trick.

Turn around and buy to empty the treasury: The two waves of intensive buying starting at 21:01 and 21:45 further magnified the floating losses of the treasury, until the huge amount attracted the attention of the market.

As long as jellyjelly does not fall, HLP retail investors will withdraw their funds, and the more they withdraw, the lower the liquidation price will be, which can be understood as "those who run early are taking advantage of those who run late", and then there will be a run on HLP, and in the end, perhaps no jellyjelly will be needed to pull much money from the vault before it is forcibly liquidated due to insufficient margin... However, the TVL of HLP has now dropped by about 20 million US dollars, and the liquidation price of short orders has dropped to around $0.14. The last buy operation of the address that manipulated the coin price 1 hour ago, the address currently holds 124 million jellyjelly (worth 4.86 million US dollars), making it the TOP1 holding address on the chain. The address currently has no more funds to buy, which is also the main reason for the subsequent large fluctuations in the coin price. As one of the main competitors of Hyperliquid, if Binance releases related benefits, such as launching jellyjelly spot or other products, it will directly kill the competition.