Hyperliquid (JELLY perp) market manipulation on 2025-03-26
Market manipulation on Hyperliquid, 26 Mar 2025. Last verified 4 Nov 2026.
notable
Reported loss
Not stated
no amount published
Recovered
-
nothing reported
Status
Unknown
updated 26 Oct 2026
Date
Hyperliquid
Summary
On 2025-03-26 a trader self-traded a 4M USDC JELLY perp position on Hyperliquid; after the JELLY price rose more than fourfold, the HLP vault inherited the short through backstop liquidation and lost value. Validators voted to delist JELLY perps and the Hyper Foundation refunded non-flagged long holders at a settlement price of 0.037555.
- Protocol
- Hyperliquid (JELLY perp)
- Type
- Market manipulation
- Reported loss
- not stated
Facts and where they come from
Primary sources
- Hyperliquid Announcements: JELLY perps delisted after suspicious market activity ↗ official announcement · accessed 2026-11-04
- Hyperliquid Announcements: JELLY recap and refunds ↗ official announcement · accessed 2026-11-04
Our own summary of facts published by the sources above. We do not attribute fault beyond them. Amounts are as the sources state them (no USD conversion by us); links and quoted figures last checked 2026-11-04.
Get the next one first
- Alert on new security incidents: hacks, depegs, TVL drops and exchange outflows, by e-mail or Telegram