The whole story on Hyperliquid & $JELLY 👇

background context

> hyperliquid (HL): decentralized perp exchange

> HLP: internal liquidity vault of hyperliquid

> jelly token: small market cap (~$10-20M initially)

what happened

> trader wallet (0xde95) opened huge ~$8M short on jelly

> trader purposely removed margin, forcing hlp to inherit and auto-liquidate the massive position

> simultaneously pumped jelly price on-chain, squeezing shorts hard

> jelly pumped from ~$10M to over $50M market cap in under an hour

> hlp initially suffered huge unrealized loss (~$12M)

second exploitation

> amid chaos, new wallet (0x20e8) opened big long, quickly profiting ~$8.2M on hyperliquid

> exchanges like binance and okx noticed volatility and quickly listed jelly perps, amplifying activity