Jelly Token Terpuruk: Eksploitasi $6M dan Dampaknya pada Bitcoin
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DECENTRALIZED EXCHANGE HYPERLIQUID TAKES HIT AFTER JELLY-MY-JELLY TOEKN EXPLOIT

Hyperliquid, a decentralized exchange (DEX), has delisted the Jelly-my-Jelly (JELLY) token after a suspicious trading activity led to an exploit. According to reports, a whale exploited the exchange's liquidation parameters, netting millions of dollars. The incident is the latest in a series of high-profile exploits that have rocked the decentralized finance (DeFi) sector.

The incident unfolded over the course of just a few hours on March 26. A trader deposited $7 million on three separate Hyperliquid accounts, making leveraged trades on the illiquid Jelly token. As the price of JELLY increased, the short position was liquidated, but it was too large to be liquidated normally. The short position was then passed to the Hyperliquidity Provider Vault (HLP), while the trader withdrew a seven-figure profit.

However, instead of attempting further withdrawals, the trader began to sell their JELLY position. Hyperliquid subsequently shut down the market for the token, citing "evidence of suspicious market activity." The exchange announced that it would delist perpetual futures trading for the JELLY token and that all users except flagged addresses would be made whole from the Hyper Foundation.

Observers have criticized Hyperliquid's handling of the incident, with some comparing it to the ill-fated FTX. The CEO of Bitget, Gracy Chen, said that the exchange's actions were "immature, unethical, and unprofessional," while the COO of Bitget Wallet, Alvin Kan, warned that the incident serves as a reminder that hype-based price action can be fleeting and unsustainable.

In the wake of the incident, Arthur Hayes, the founder of BitMEX, seemed to imply that reactions to the Jelly incident were overblown, writing that "let's stop pretending hyperliquid is decentralized." The true irony of the exploit is that everyone lost out, including the exchange, traders, and even the exploiter.