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Hyperliquid Suffers Another Attack, 'Unplugging the Ethernet Cable' Saves $200M | Timeline
Tonight, just after experiencing the "Insider Whale" long liquidation event, Hyperliquid is facing another position drama. Due to a price surge in a meme token called JELLY, Hyperliquid's opposing book vault is on the verge of liquidation, putting the entire protocol's treasury at risk of depletion. At the same time, centralized exchanges (CEX) have taken advantage of the situation, swiftly listing the JELLY contract to target Hyperliquid with sniper attacks and hunting.
As of now, Hyperliquid has forcefully delisted the JELLY contract and liquidated 3.92 billion JELLY short positions at a favorable price of $0.0095 (approximately $3.72 million), resulting in a profit of $703,000. Meanwhile, the HYPER price experienced a momentary dip from around $16 to $13 before rebounding and currently holding above $14. This action has sparked intense discussions in the community about the competition between CEX and Perp DEX, as well as the decentralization issues within on-chain protocols.
Disclaimer: This event is still unfolding, and BlockBeats will continue to monitor it.
03-26 22:12
According to market data, the meme coin JELLY has surged by 515% in the past hour, currently priced at $0.034 with a market cap of $38.11 million; meanwhile, HYPE dropped by 17% at one point in the past hour to $14.37, 10% lower compared to when "taking over the JELLY short position."
Earlier, BlockBeats reported that the Hyperliquid Vault automatically liquidated and took over a $5 million JELLY short position.
According to hypurrscan data, with the sharp rise in JELLY's price, the current position is facing a loss of $12.368 million (entry price $0.01129).
03-26 22:23
A New Address Opens a JELLY Long Position on Hyperliquid, Reaching a Peak Profit of Over $8 Million
According to hypurrscan data, a new address starting with 0x20e8 opened a 3x JELLY long position on Hyperliquid, with an entry price of $0.01129. The position once reached a peak profit of over $8 million and currently has an unrealized profit of $5.58 million.
03-26 22:30
According to Lookonchain monitoring, a whale holding 126 million JELLY coins (jellyjelly) is manipulating the price of the coin.
This address first sold off JELLY to crash the price, causing HLP to acquire a passive short position of 398 million JELLY (approximately $15.3 million).
Then, the address bought back JELLY, pushing up the price and resulting in HLP losing nearly $12 million.
03-26 22:41
On-chain data analyst @ai_9684xtpa stated that Hyperliquid's automatic takeover of a $5 million jellyjelly short position is currently experiencing an unrealized loss of $10.63 million (approximately $6 million at the time of writing). If the counterparty pushes the price to around $0.17, the Hyperliquid Vault will face liquidation, resulting in a $240 million loss of its current holdings.
03-26 23:10
KOL "Suggests" Binance to Launch JELLY to Liquidate Hyperliquid, CZ Responds "Noted"
Crypto KOL CryptoSkanda (@thecryptoskanda) posted on social media, "suggesting" that Binance should list JELLY for spot trading or at least consider it, leveraging his own influence to further pump the price of JELLY to liquidate Hyperliquid, a competitor.
In response, Binance co-founder CZ replied, "Okay, noted."
At the time of writing, JELLY is currently priced at $0.0328, with only a 24% increase since CZ's reply, which did not have a significant impact on the price (compared to a 500% increase earlier tonight).
BlockBeats previously reported that a trader who opened a short position on JELLY was automatically liquidated, causing the Hyperliquid Vault to take over a $5 million JELLY short position, which is currently at a $9.02 million loss.
According to on-chain data analyst @ai_9684xtpa's analysis, if the opposing party pushes the JELLY price up to around $0.17, the Hyperliquid Vault will face liquidation and lose the full $240 million it currently holds.
03-26 23:13
OKX to Launch JELLYJELLY Perpetual Contract
According to official sources, OKX has announced the launch of the JELLYJELLY perpetual contract.
03-26 23:18
Binance to Launch JELLYJELLY U-Settled Perpetual Contract
According to official sources, Binance will list JELLYJELLY and MAVIA U perpetual contracts.
03-26 23:21
Analyst: JELLY short positions will be liquidated up to $50 million, liquidation price $0.141
On-chain data analyst Yujin posted that this JELLY event will at most bust the address currently taking over JELLY short positions, without affecting the other two strategic addresses of the HLP treasury.
The liquidation address holds $50 million, and the liquidation price of the current 398 million JELLY short positions is at $0.141. The current JELLY price is $0.033. To "bust" the liquidation address, JELLY would need to rise over 3 times.
03-26 23:21
Hyperliquid has delisted JELLY
According to market reports, Hyperliquid chose to delist JELLY after announcing the listing of JELLY contracts on OKX and Binance.
03-26 23:24
Following the delisting of JELLY by Hyperliquid, HYPE briefly surged around 20%
Market data shows that after Hyperliquid announced the listing of JELLY contracts on OKX and Binance followed by the delisting of JELLY, HYPE surged approximately 20% briefly, with the coin price currently at $14.3.
03-26 23:26
JELLY experiences a brief 60% decline
Due to Hyperliquid's delisting of JELLY, JELLY experienced a short-term 60% price drop, currently trading at $0.0248.
03-26 23:29
Hyperliquid settled a JELLY short at $0.0095 without any loss of funds
According to market reports, Hyperliquid delisted JELLY and settled a taken short position at a price of $0.0095 (well below market price), without any loss of funds.
03-26 23:47
Hyperliquid posted a response on Discord, stating that upon discovering suspicious market activity, the validator committee voted to delist the JELLY perpetual contract.
In addition to tagged addresses, all user losses will be fully compensated by the Hyper Foundation. The compensation will be automatically executed based on on-chain data in the coming days without the need to submit a ticket. The specific implementation plan will be detailed in a subsequent announcement. As with other public chains, validators often need to collectively negotiate and take decisive action to maintain network integrity. Hyperliquid will prioritize enhancing the robustness and transparency of the voting system.
Records also show that the 24-hour net loss/gain of HLP (Hyperliquid Protocol) is approximately $700,000 USDC. Technical improvements will be advanced concurrently, with the experience of this event enhancing the network. More details will be announced soon.
03-26 23:54
Arthur Hayes: Hyperliquid is not decentralized, HYPE will return to square one
Arthur Hayes shared on social media that Hyperliquid was unable to handle the JELLY event, showing that it is not truly decentralized. He further expressed that traders do not really care about such matters and confidently stated that HYPE will soon return to its initial state.
03-26 23:58
According to Lookonchain monitoring, before delisting JELLY, Hyperliquid settled 3.92 billion JELLY at a price of $0.0095 (approximately $3.72 million) without any loss, but instead profited $703,000.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.
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