Source: ArkhamHyperliquid eventually closed the Jelly token market at a price of 0.0095, the same price as the trader’s short trade, which “zeroed out all floating PnL on the first two exploiter accounts.”In total, Arkham says the trader withdrew $6.26 million, but at least $1 million is still in the accounts.“Assuming he can withdraw this at some point in the future, his actions on Hyperliquid have cost him a total of $4,000.
The trader behind recent “suspicious market activity” on Hyperliquid that led to the freeze and delisting of the Jelly my Jelly (JELLY) memecoin is potentially down almost $1 million from their actions. Blockchain analytics firm Arkham Intelligence said in a March 26 post to X that the trader attempted to manipulate the system to profit from price movements, withdrawing collateral before Hyperliquid’s liquidation system could catch up.
Related: Bitget CEO slams Hyperliquid’s handling of “suspicious” incident involving JELLY tokenA whale trader intentionally liquidated a roughly $200 million Ether long position on March 12, causing HLP to lose $4 million while unwinding the trade. Traders have also begun hunting whales on the platform, targeting prominent leveraged positions in a “democratized” attempt to liquidate them.
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Author / Journalist: Cointelegraph by Stephen Katte
The story "Hyperliquid JELLY ‘exploiter’ could be down $1M, says Arkham" has 476 words across 17 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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