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Hyperliquid Delists JELLY Token After Price Manipulation Attack
In a shocking move, decentralized trading platform Hyperliquid has announced the delisting of its native JELLY token in response to allegations of price manipulation and market manipulation attacks. The incident highlights the vulnerabilities that exist in decentralized finance (DeFi) platforms, particularly when dealing with low-liquidity tokens.
A recent attack on the $JELLY market forced settlement of positions at a favorable price, according to Chen Mei, a prominent crypto trader who called out Hyperliquid’s actions as “immature, unethical, and unprofessional.” This sudden decision by the exchange has sparked concerns over user trust and the overall decentralization of the platform.
BitMEX founder Arthur Hayes chimed in on the situation, stating that “Let’s stop pretending Hyperliquid is decentralized. And then stop pretending traders actually care.” He predicted a quick recovery for the HYPE token, citing the tendency for “degens gonna degen.”
The impact on market sentiment was immediate and severe. The HYPE token plummeted by nearly 10% within 24 hours of the incident, trading below $15.
Source: https://blockonomi.com/hyperliquid-delists-jelly-token-after-price-manipulation-attack/
