撰文：邓通，金色财经
2025年3月26日，一名交易员“在 JellyJelly 上开设了 600 万美元的巨额空头头寸”，然后“故意通过在链上推高 JellyJelly 的价格进行自我清算”。
为应对此次交易危机，Hyperliquid 关闭 JELLY 交易并以更低价格强制结算头寸。一时间，Hyperliquid 再次被推上风口浪尖，业内批评之声不断。其实早在今年 3 月 12 日，Hyper...

<div>撰文：邓通，金色财经2025年3月26日，一名交易员“在 JellyJelly 上开设了 600 万美元的巨额空头头寸”，然后“故意通过在链上推高 JellyJelly 的价格进行自我清算”。为应对此次交易危机，Hyperliquid 关闭 JELLY 交易并以更低价格强制结算头寸。一时间，Hyperliquid 再次被推上风口浪尖，业内批评之声不断。其实早在今年 3 月 12 日，Hyperliquid 就曾遭遇了类似的危机——一名鲸鱼故意清算了价值约 2 亿美元的以太坊多头仓位。<h2>Hyperliquid 清算事件回顾</h2>据 Lookonchain 监测，某持币 1.26 亿枚 JELLY（jellyjelly）的巨鲸操纵币价。该地址先抛售 JELLY 使价格暴跌，让 HLP 拥有 3.98 亿枚 JELLY（约合 1530 万美元）的被动空头头寸。然后该地址买回了 JELLY，推高了价格，导致 HLP 损失了近 1200 万美元。为了将损失降到最低，HyperLiquid 强行关闭了 JELLY 交易，将其结算价定为 0.0095 美元，而不是通过去中心化交易所提供给预言机的 0.50 美元。HyperLiquid 在 X 上写道：“在发现可疑市场活动的证据后，验证者组召开会议并投票决定将 JELLY 违规者除名。有业内人士对此事件做出总结：两个账户，分别开多和空；现货不断拉盘，爆空单；巨额空单被 Hype 接管；所有多头，都是 Hype 对手；之后不断拉盘，让多单盈利，Hype 巨亏；最终平掉多单获利，再卖掉现货就行。可以理解为，大家正在一起围猎赌场，散户都想让项目方原地去世。<img src="https://img.jinse.cn/7359036_watermarknone.png" title="7359036" alt="X5R1fsZeWvVC1nBstOQvYe3nJVp62iTFygPmAhna.jpeg">Web3 公司 AP Collective 的创始人 Abhi指出，如果 Hyperliquid 没有平仓，永续合约交易所可能会面临“如果 JellyJelly 达到 1.5 亿美元市值，将面临全面清算”的境况。推特用户Ai 姨也复盘了事情始末：<img src="https://img.jinse.cn/7359083_watermarknone.png" title="7359083" alt="lrCRGKtkHlA9AsDjiOFu1F9EenFwoZmSb5wjhw4v.jpeg">Ai 姨还预测：“作为 Hyperliquid 的主要竞争对手之一，如果币安下场释放相关利好，比如上线 jellyjelly 现货或其他的，那就将直接杀死比赛”。<img src="https://img.jinse.cn/7359090_watermarknone.png" title="7359090" alt="fwcHhlOMx33iTXCZv2DvqSgCMe5QpHFGTFtT29zp.jpeg"><h2>中心化交易所伺机进场 </h2>业内人士预测成真，HyperLiquid 的举动直接推动了币安、OKX等头部交易所的进场。币安看到了机会，宣布将上线与 JELLY 挂钩的期货，导致现货价格飙升 560%。在币安推出与该代币挂钩的永续期货后，JELLY 的市值飙升至约 2500 万美元。这一市场反应引发了人们对币安可能影响市场动态的质疑。另外，据Lookonchain监测，用于攻击Hyperliquid和开设仓位的资金是从币安和OKX两个交易所内提取。<img src="https://img.jinse.cn/7359034_watermarknone.png" title="7359034" alt="juhjit1smhoC9dek5ont1wKGHYiodYZ0NXBh0cTE.jpeg">业内人士BUNNY从CEX与DEX的市场竞争角度进行了解读：发起 JELLY 操纵的钱包 0x20e8 和 0x67f 是 Arbitrum 上的币安资助的新钱包。这是巧合，还是协同攻击？Hyperliquid 对中心化交易所构成了真正的威胁。它速度快、用户体验好、无需 KYC，并且提供所有服务。它是 DeFi 的真正竞争对手。而且它正在蚕食 CEX 数十亿美元的费用帝国。但 Hyperliquid 并没有倒闭，他们预见到了这一幕。在币安宣布上市之前，他们关闭了空头，受到了打击，损失了数百万美元。但他们拯救了该协议。这不仅仅是一些垃圾币的随机暴涨，这是一次测试。CEX 还能操纵市场来击败他们的 DeFi 竞争对手吗？答案是：只有我们允许他们这样做。加密货币关乎去中心化、自由和无需信任的系统 —— 而不是让同样的老旧中心化交易所操纵游戏以保护其垄断地位。<img src="https://img.jinse.cn/7359069_watermarknone.png" title="7359069" alt="2AJbEQyygAiC6kFIGh1NkLTpJg8L1ABOpSPPyvqy.jpeg"><img src="https://img.jinse.cn/7359075_watermarknone.png" title="7359075" alt="D4U5vctgLPHQFk1ud3CxBeQGoW275n1sFcTtJbgJ.jpeg"><h2>Hyperliquid 的回应 </h2>Hyperliquid 发布回应表示，在发现可疑市场活动后，验证者委员会经投票决定下架 JELLY 永续合约。 除标记地址外，所有用户损失将由 Hyper 基金会全额补偿。补偿将基于链上数据在未来几天自动执行，无需提交工单。具体实施方案将在后续公告中详细说明。与其他公链类似，验证者时常需集体协商并采取果断行动以维护网络完整性。Hyperliquid 将优先升级投票系统的鲁棒性与透明度。 另据记录，HLP（Hyperliquid 协议）当前 24 小时净损益约为 70 万 USDC。技术改进将同步推进，本次事件的经验将使网络更趋完善。更多细节即将公布。<img src="https://img.jinse.cn/7359032_watermarknone.png" title="7359032" alt="coJirztaSlaisKN8ajW47d0EiJo1Y6Rt4ouB4AmI.jpeg">有趣的是，Hyperliquid 在下架 JELLY 前，以 0.0095 美元的价格清算了 3.92 亿枚 JELLY(约合 372 万美元)，没有任何损失，反而获利了 70.3 万美元。<img src="https://img.jinse.cn/7359031_watermarknone.png" title="7359031" alt="3I6Toc55RqVeaMk4hbCUVZBsTgDhMA3azWg1oIKg.jpeg">据CoinGecko数据显示，在Hyperliquid事件刚刚发酵时，HYPE价格一度跌至12.91美元，截至发稿，HYPE 24小时跌幅8.7%，报14.69美元。<img src="https://img.jinse.cn/7359038_watermarknone.png" title="7359038" alt="W0GDh9y2X71F1j8s3EVwdbpRWbYsqFaHLT2QETKG.jpeg">据DefiLlama数据，或受JELLY事件影响，Hyperliquid昨日资金净流出1.84亿美元。当前协议TVL现报20.26亿美元。<h2>业内人士的看法</h2>很多业内人士认为，此举与去中心化金融 (DeFi) 内核相冲突。Bitget CEO Gracy Chen公开批评Hyperliquid在JELLY事件中的处置方式，指出该平台：强制平仓操作涉嫌价格操纵；混合资金池设计存在系统性风险；未实施KYC/AML引发洗钱担忧。 Chen警告称，若平台不解决产品设计缺陷和信任危机，可能成为“下一个FTX”。此次争议源于 Hyperliquid 此前关闭JELLY交易对并强制按特定价格平仓的操作。<img src="https://img.jinse.cn/7359035_watermarknone.png" title="7359035" alt="cXpsFzkAXUhyh7oijiHVAvsMyUeRn2nddrdk083c.jpeg">Sonic Labs 联创 Andre Cronje 于 X 平台发文称：仓位大小不是杠杆的固定函数，而是依赖于可用流动性和实现波动性，小仓位可以是 1000 倍杠杆，大仓位只有 1.2 倍。在 DeFi 中不能有固定值。 <img src="https://img.jinse.cn/7359033_watermarknone.png" title="7359033" alt="W4tKmdNhzoiGRvcn9uoaUMLn4zwoAKbtLPiSuYBr.jpeg">链上侦探 ZachXBT 于 X 平台发文批评 Hyperliquid 称：“令人气愤的是，Hyperliquid 官方可以随意划线操控价格，但当朝鲜黑客们使用 Radiant 盗窃资金在上面持有一定规模的空单仓位时，他们却无动于衷。” <img src="https://img.jinse.cn/7359030_watermarknone.png" title="7359030" alt="Ku7MyV5LGDAERtvIbUKIRKTwszqFPR8zHLCZN8uf.jpeg">Arthur Hayes 在社交媒体上发文表示，Hyperliquid 无法处理 JELLY 事件，这根本就不去中心化，更别以为交易员真在乎这事，自己敢打赌 HYPE 很快就会跌回原点。<img src="https://img.jinse.cn/7359029_watermarknone.png" title="7359029" alt="8qTSuLV1brmISHr9kNEa40geteRvS7emrvhBaP2y.jpeg"></div>

巨鲸、头部CEX联手狙击 Hypeliquid露出中心化底色?

<author>Deng Tong, Jinse Finance</author>
On March 26, 2025, a trader "opened a massive short position of $6 million on JellyJelly" and then "deliberately triggered self-liquidation by artificially driving up JellyJelly's price on-chain".
To address this trading crisis, Hyperliquid closed JELLY trading and forcibly settled positions at a lower price. Suddenly, Hyperliquid was once again at the center of controversy, with continuous criticism from the industry. In fact, as early as March 12 this year, Hyper...

<div>Written by: Deng Tong, Jinse FinanceOn March 26, 2025, a trader "opened a massive $6 million short position on JellyJelly" and then "deliberately triggered self-liquidation by pushing up JellyJelly's price on-chain".To address this trading crisis, Hyperliquid closed JELLY trading and forcibly settled positions at a lower price. Hyperliquid was once again pushed to the center of controversy, with continuous criticism from the industry. In fact, as early as March 12 this year, Hyperliquid had encountered a similar crisis - a whale deliberately liquidated an Ethereum long position worth about $200 million.<h2>Hyperliquid Liquidation Event Review</h2>According to Lookonchain monitoring, a whale holding 126 million JELLY (jellyjelly) manipulated the coin's price. The address first sold JELLY, causing a price crash, making HLP have a passive short position of 398 million JELLY (approximately $15.3 million). Then the address bought back JELLY, driving up the price, causing HLP to lose nearly $12 million. To minimize losses, HyperLiquid forcibly closed JELLY trading, settling it at $0.0095, instead of the $0.50 provided by decentralized exchanges' oracles.HyperLiquid wrote on X: "After discovering evidence of suspicious market activities, the validator group convened a meeting and voted to remove the JELLY violators."An industry insider summarized the event: Two accounts, one long and one short; continuously pulling up spot trading, causing liquidation; massive short positions taken over by Hype; all long positions are Hype's counterparties; then continuously pulling up to make long positions profitable, causing Hype huge losses; ultimately closing long positions for profit, then selling spot. It can be understood that everyone is hunting the casino together, with retail investors wanting to see the project die.... [rest of the text continues in the same manner]On-chain detective ZachXBT posted on X platform criticizing Hyperliquid, saying: "It is infuriating that Hyperliquid officials can arbitrarily draw lines to manipulate prices, but when North Korean hackers use Radiant to steal funds and hold a certain size of short positions, they remain indifferent." <img src="https://img.jinse.cn/7359030_watermarknone.png" title="7359030" alt="Ku7MyV5LGDAERtvIbUKIRKTwszqFPR8zHLCZN8uf.jpeg">Arthur Hayes posted on social media that Hyperliquid cannot handle the JELLY incident, which is not decentralized at all, and not to think that traders really care about this. He dares to bet that HYPE will quickly fall back to its original point.<img src="https://img.jinse.cn/7359029_watermarknone.png" title="7359029" alt="8qTSuLV1brmISHr9kNEa40geteRvS7emrvhBaP2y.jpeg"></div>

Whale and top CEXs join forces to attack Hypeliquid, revealing the centralization background?

<Author>Frank, PANews</Author>

In the dark depths of the cryptocurrency market late at night, a precise strike against the decentralized derivatives exchange Hyperliquid quietly unfolded. On March 26th, a trader placed a massive short position using 430 million JELLYJELLY tokens, driving Hyperliquid into a liquidity crisis and liquidation risk. As the JELLYJELLY price surged 560% and top exchanges rapidly listed its contracts, Hyperliquid was forced to make a life-or-death choice between decentralized principles and user asset security. This...

Hyperliquid was attacked again, a 2-hour life-or-death thriller, and there is no winner in the hunting game of top exchanges

jellyjelly encountered a short squeeze, surging up to 429% between 21:00-22:00 UTC+8. Hyperliquid Vault took over the <jellyjelly> short position after a trader's self-liquidation, and has now suffered an unrealized loss of over $10.5 million.

Jellyjelly suffered a short squeeze, Hyperliquid Vault took over the position with a floating loss of more than $10.5 million

<Odaily> Planet News: According to Lookonchain monitoring, a whale holding 126 million JELLY (jellyjelly) tokens is manipulating the token's price. The address first sold JELLY, causing a sharp price drop, which left HLP with a passive short position of 398 million JELLY (approximately $15.3 million). Then, the address bought back JELLY, driving up the price and causing HLP to lose nearly $12 million.