In the rolling hills of the crypto landscape, a tale as old as time unfolded in the shadows of the digital frontier. Hyperliquid, a name once whispered with respect, has seen over $340 million in USDC outflows, all thanks to a little token named JELLY, which shot up 429% before being unceremoniously delisted. 💸👘
According to the wise sages at Parsec, the outflows came like a sudden storm, just hours after the JELLY liquidation event, reminiscent of the time a big Bitcoin whale decided to cash out. Hyperliquid’s USDC reserves, once a mighty $2.58 billion, now stand at a humble $2.02 billion, a drop that could make even the Dust Bowl blush. 🍵💸
The JELLY fiasco began when Hyperliquid’s treasury, thinking it was making a clever move, assumed a $5 million short position in JELLY. But like a gambler’s last bet, things went south when JELLY’s price spiked, leaving the treasury with an unrealized loss of $10.63 million. If JELLY had hit $0.17, Hyperliquid could have been down $240 million, a sum that could buy a small island or two. 🆑🏝️
It seems the spike was no fluke. An address known as 0xde95 (probably not their real name, but who’s counting?) opened a massive 430 million JELLY short position on HyperliquidX and then removed its margin, causing a series of liquidations. Another wallet, 0x20e8, opened a long position, pushing the price even higher. It’s like a game of digital whack-a-mole, but with more zeros. �されていたัส
To stem the bleeding, Hyperliquid’s validator committee, a group as secretive as the Freemasons, decided to delist JELLY and force-settle it at $0.0095. They assured users that all short positions would be settled at their initial entry price, and the Hyper Foundation would cover any losses. It’s a move that would make a carnival barker proud. 🎪,eggs
However, the handling of the incident has drawn more criticism than a used car salesman’s promise of “free oil changes for life.” Bitget CEO Gracy Chen called Hyperliquid’s actions “immature, unethical, and unprofessional,” comparing them to the infamous FTX. According to Chen, the platform is more like an unregulated offshore exchange than a decentralized utopia. 🚫🌊
#Hyperliquid may be on track to become #FTX 2.0.
The way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and casting serious doubts over its integrity. Despite presenting itself as an innovative decentralized exchange with a…
— Gracy Chen @Bitget (@GracyBitget) March 26, 2025
Meanwhile, Hyperliquid’s native token, HYPE, is down 10% in the past 24 hours, with trading volume surging 443% to $466 million. It’s a sign of increased market activity, but also a reminder that in the world of crypto, a 10% drop can feel like a 10-story fall. HYPE, which is 58% below its all-time high of $34.96, is still 284% up from its lowest price. It’s a rollercoaster ride that would make even the bravest heart skip a beat. 🚀📉
The total value locked in its Hyperliquidity Provider Vault, a protocol vault that does market making and liquidations, has also taken a hit, dropping from a peak of $540 million on Feb. 10 to $195 million as of Mar. 27, according to DefiLlama. It’s a decline that could make even the most optimistic farmer think twice about planting this year’s crop. 🌾📉
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2025-03-27 06:23