Hyperliquid's USDC outflow exceeds $340M amid JELLY dispute, HYPE tanks 10%
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Hyperliquid experienced over $340 million in USDC outflows following a controversial incident involving the JELLY token. The platform's treasury suffered potential losses from a manipulated price spike, leading to the token's delisting. The incident has raised serious questions about the platform's governance and transparency, causing significant market reaction.
March 27, 2025 | 3:30 am
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NEGATIVE IMPACT
HYPE token dropped 10% following the JELLY token incident, with trading volume surging 443%. The total value locked in Hyperliquidity Provider Vault has dramatically decreased from $540M to $195M.
The JELLY token controversy directly impacted Hyperliquid's reputation, causing significant USDC outflows and eroding market confidence in the platform's native token.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100