Source: Cointelegraph Original: "{title}"

Hyperliquid announced the delisting of perpetual contracts related to the JELLY token, stating that it has found "evidence of suspicious market activity." According to the blockchain network, the non-profit organization of the Hyperliquid ecosystem—Hyper Foundation—will compensate most of the affected users in this incident.

On March 26, Hyperliquid posted on the X platform: "All users' losses, except for marked addresses, will be compensated by Hyper Foundation." The platform added: "Compensation will be based on on-chain data and will be executed automatically in the coming days."

Meanwhile, Hyperliquid stated that its main liquidity pool, HLP, recorded approximately $700,000 in net income over the past 24 hours.

This incident further exposes the challenges Hyperliquid faces in becoming the most popular leveraged perpetual contract (Perps) trading platform in Web3.

Perpetual contracts are leveraged futures contracts with no expiration date, requiring traders to deposit collateral such as USDC to maintain their positions.

Source: Hyperliquid

JELLY Price Volatility and Manipulation Scandal Trigger Hyperliquid Crisis

In January of this year, Venmo co-founder Iqram Magdon-Ismail launched the JELLY token as part of the Web3 social media project JellyJelly. According to DexScreener data, the token's initial market cap skyrocketed to about $250 million, before plummeting to the millions. As of March 26, JELLY's market cap was approximately $25 million.

The turmoil began when a trader "established a $6 million short position on JellyJelly," then "self-liquidated through on-chain manipulation," as stated by Abhi, founder of Web3 company AP Collective, on the X platform. If Hyperliquid fails to close this position in time, the perpetual contract exchange may face the risk of being fully liquidated when JellyJelly's market cap reaches $150 million.

This is not the first crisis Hyperliquid has encountered. On March 14, the platform raised margin requirements for traders after a large-scale liquidation of Ethereum (ETH) resulted in millions of dollars in losses for the liquidity pool. Two days prior, a whale trader deliberately liquidated approximately $200 million in ETH long positions, causing HLP to lose $4 million during the liquidation process.

Since March 15, Hyperliquid has required traders to maintain at least 20% margin on certain positions to "reduce the systemic impact of large positions on the market during liquidation."

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。