Hyperliquid JELLY ‘exploiter' could be down $1M, says Arkham
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Blockchain analytics firm Arkham Intelligence revealed a trader attempted to manipulate Hyperliquid's trading system by opening multiple accounts with large positions in the Jelly (JELLY) memecoin. The trader opened three accounts with significant long and short positions, attempting to drain funds from the platform. Despite withdrawing $6.26 million, the trader might face losses of up to $1 million due to platform restrictions.
March 27, 2025 | 3:15 am
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NEGATIVE IMPACT
The platform experienced a potential exploitation attempt involving the JELLY memecoin, leading to market closure and token delisting.
The news directly impacts Hyperliquid's reputation and trading mechanisms, potentially deterring future traders and causing platform credibility concerns.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100