PANews reported on March 26 that according to on-chain analyst Yu Jin’s monitoring, an address may have imitated the 50x leveraged whale operation on Hyperliquid, and dumped 398 million JELLY short orders to Hyperliquid by withdrawing margin, which has now caused Hyperliquid HLP’s treasury to suffer a floating loss of more than 10 million US dollars. The specific process is as follows:
1. At 20:53, 3.5 million USDC from the address 0xde9...c91 was transferred to Hyperliquid as margin, and a short order of 430 million JELLY (worth 4.08 million USD) was opened at a price of 0.0095 USD.
2. At 21:03, he closed 30 million JELLY short orders (worth $310,000) at $0.0103 and withdrew $2.76 million in margin. His 398 million JELLY short orders (worth $4.5 million) were liquidated and taken over by Hyperliquid’s liquidation address at $0.0113.
3. Then the price of JELLY rose rapidly from $0.01 to $0.04. The JELLY short position held by Hyperliquid liquidation address currently has a floating loss of more than $10 million.
This process should be a deliberate forced liquidation to transfer the position to Hyperliquid, and then frantically pull JELLY in CEX, so that Hyperliquid can only close the position at a high level.
