{"id":125919,"date":"2025-03-27T10:15:46","date_gmt":"2025-03-27T10:15:46","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125919"},"modified":"2025-03-27T10:15:46","modified_gmt":"2025-03-27T10:15:46","slug":"hyperliquid-whale-still-holds-10-of-jelly-memecoin-after-6-2m-exploit","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125919","title":{"rendered":"Hyperliquid whale still holds 10% of JELLY memecoin after $6.2M exploit"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA crypto whale who allegedly manipulated the prize of the Jelly my Jelly (JELLY) memecoin on decentralized exchange Hyperliquid still holds nearly $2 million worth of the token, according to blockchain analysts.<br \/>\nThe unidentified whale made at least $6.26 million in profit by exploiting the liquidation parameters on Hyperliquid.<br \/>\nAccording to a postmortem report by blockchain intelligence firm Arkham, the whale opened three large trading positions within five minutes: two long positions worth $2.15 million and $1.9 million, and a $4.1 million short position that effectively offset the longs.<br \/>\nSource: ArkhamWhen the price of JELLY rose by 400%, the $4 million short position wasn\u2019t immediately liquidated due to its size. Instead, it was absorbed into the Hyperliquidity Provider Vault (HLP), which is designed to liquidate large positions.<br \/>\nRelated: Polymarket faces scrutiny over $7M Ukraine mineral deal bet<br \/>\nIn more troubling revelations, the entity may still be holding nearly $2 million worth of the token\u2019s supply, according to blockchain investigator ZachXBT.<br \/>\n\u201cFive addresses linked to the entity who manipulated JELLY on Hyperliquid still hold ~10% of the JELLY supply on Solana ($1.9M+). All JELLY was purchased since March 22, 2025,\u201d he wrote in a March 26 Telegram post.<br \/>\nThe entity continues selling the tokens despite Hyperliquid freezing and delisting the memecoin, citing \u201cevidence of suspicious market activity\u201d involving trading instruments.<br \/>\nThe JELLY token\u2019s collapse is the latest in a series of memecoin scandals and insider schemes looking to capitalize on investor hype.\u00a0<br \/>\nSource: BubblemapsThe exploit occurred only two weeks after a Wolf of Wall Street-inspired memecoin \u2014 launched by the Official Melania Meme (MELANIA) and Libra (LIBRA) token co-creator Hayden Davis \u2014 crashed over 99% after launching with an 80% insider supply.<br \/>\nWOLF\/SOL, market cap, 1-hour chart. Source:\u00a0DexscreenerRelated: Polymarket whale raises Trump odds, sparking manipulation concerns<br \/>\nLessons from the JELLY memecoin meltdown: \u201cHype without fundamentals\u201d<br \/>\n\u201cThe JELLY incident is a clear reminder that hype without fundamentals doesn\u2019t last,\u201d according to Alvin Kan, chief operating officer at Bitget Wallet.<br \/>\n\u201cIn DeFi, momentum can drive short-term attention, but it doesn\u2019t build sustainable platforms,\u201d Kan told Cointelegraph, adding:<br \/>\n\u201cProjects built on speculation, not utility, will continue to get exposed \u2014 especially in a market where capital moves quickly and unforgivingly.\u201d<br \/>\nWhile Hyperliquid\u2019s response cushioned short-term damage, it raises further questions about decentralization, as similar interventions \u201cblur the line between decentralized ethos and centralized control.\u201d<br \/>\nThe Hyper Foundation, Hyperliquid\u2019s ecosystem nonprofit, will \u201cautomatically\u201d reimburse most affected users for losses related to the incident, except the addresses belonging to the exploiter.<br \/>\nMagazine: Memecoins are ded \u2014 But Solana \u2018100x better\u2019 despite revenue plunge<a href=\"https:\/\/cointelegraph.com\/news\/jelly-memecoin-whale-exploit-hyperliquid?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA crypto whale who allegedly manipulated the prize of the Jelly my Jelly (JELLY) memecoin on decentralized exchange Hyperliquid still holds nearly $2 million worth of the token,&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125919"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125919"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125919\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125919"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}