Source: Cointelegraph Original: "{title}"
According to a post on the X social platform released by blockchain analysis company Arkham Intelligence on March 26, the trader behind the "suspicious market activity" that recently led to the freezing and delisting of the Jelly my Jelly (JELLY) memecoin on the Hyperliquid platform may have lost nearly $1 million.
Arkham stated that this trader attempted to profit from price fluctuations by manipulating the system and withdrew collateral before Hyperliquid's liquidation system could respond.
According to Arkham's report, the trader opened three accounts within five minutes, with two accounts holding long positions of $2.15 million and $1.9 million respectively, while the third account held a short position of $4.1 million to offset the long positions.
"This allowed him to build leverage and attempt to extract funds from Hyperliquid," Arkham said.
Source: Arkham
When the price of Jelly surged over 400%, the $4 million short position entered liquidation, but due to the size of the short position, it was not immediately liquidated and was instead handed over to the Hyperliquidity Provider Vault (HLP), which was supposed to be responsible for liquidating the position.
Meanwhile, the trader withdrew collateral from the other two accounts and "had a seven-figure positive P&L to withdraw," Arkham stated.
However, this "exploiter" soon encountered difficulties, as these accounts were restricted to only reduction orders while still having millions in unrealized P&L, forcing him to sell tokens from the first account at market price to recoup some funds.
Source: Arkham
Hyperliquid ultimately closed the Jelly token market at a price of 0.0095, which was the same as the trader's short trade price, "bringing all floating P&L on the first two exploiter accounts to zero."
Overall, Arkham stated that the trader withdrew $6.26 million, but at least $1 million remained in the accounts.
"Assuming he can withdraw these funds at some point in the future, his operations on Hyperliquid resulted in a loss of $4,000. If he cannot withdraw, he will face a loss of nearly $1 million," the blockchain analysis company stated.
Subsequently, Hyperliquid has delisted the perpetual futures contracts associated with the JELLY token due to evidence of suspicious market activity.
Other traders are also using similar strategies
This is not the first time Hyperliquid has encountered similar issues. On March 14, after its liquidity pool lost millions during a massive Ethereum (ETH) liquidation, Hyperliquid raised margin requirements for traders.
On March 12, a whale trader deliberately liquidated a long position of about $200 million in Ethereum, resulting in a $4 million loss for the HLP during the liquidation process.
Traders have also begun hunting whales on the platform, targeting significant leveraged positions in an attempt to liquidate them in a "democratized" manner.
Related: Movement Network will use $38 million recovered from bad market makers to repurchase tokens.
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