Arthur Hayes, the co-founder of BitMEX, has expressed a strong opinion about Hyperliquid after the platform delisted the JELLYJELLY token. He stated:
"Stop pretending that Hyperliquid is a decentralized platform, and don't delude yourself that traders actually care. I bet HYPE will soon return to its initial level, as the downward trend will continue."
Hayes' comment came shortly after the "whale manipulation drama" of JELLY's price on Hyperliquid. As Allinstation previously reported, a wallet address showed signs of market manipulation on Hyperliquid. This address may have mimicked the strategy of a previous "50x leverage whale", executing a short order of 398 million JELLYJELLY by withdrawing margin, causing Hyperliquid's HLP fund to temporarily record a loss of over 10 million USD.
Based on the trading developments, there are indications that this was an intentional forced liquidation plan. Shortly after, the Hyperliquid exchange officially delisted the JELLYJELLY token. The settlement process was carried out at a preferential price of 0.0095 USD, thereby ensuring no asset losses.
Also Read: Whale manipulating JELLYJELLY price on Hyperliquid, causing platform to suffer heavy losses
