Wallets linked to several major CEXs opened huge high-lipid jelly jelly shorts, plunging the crypto community into frenzy, and the hype token crashed over 20% in one stage.

A giant 124.6m whale $JellyManipulates the price ($4.85m) $Jelly(Jellyjelly) Let High-Frequency Providers (HLPs) face a loss of $12 million!

He dumped it first $Jellycrashes price and leaves HLP in a passive short position of 398m $Jelly($15.3 million).

Then he bought it… pic.twitter.com/kyckshv4rl

– lookonchain (@lookonchain) March 26, 2025

Analytics Platform LookonChain discovered market manipulation of jelly with high lipids

According to LookonChain, the first wallet performed the huge disadvantages of jelly, a huge short position of jelly while simultaneously getting the jelly token outside.

The traders were then discovered by removing the margin and took over a loss of $4.5 million in short positions due to Hyperliquid’s HLP (built-in Market Enactment Protocol). At the worst, the short position exposed HLP to a loss of over $6 million.

These shenanigans were taking place in short positions, but another wallet address from Hyperliquid opened a long order in Jelly, which at one point exceeded $12 million.

This was followed by the whale buying back the jelly, driving the loss of the original short position to more than $12 million.

After evidence of suspicious market activity, the Validator set was convened and voted to abolish Jelly Perps.

All users end up from hyperfoundation to whole, except for flagged addresses. This will happen automatically in the next few days based on on-chain data. there is no…

– hyperliquid (@hyperliquidx) March 26, 2025

Market capitalization has increased more than five times from $10 million to over $50 million as trainers caused a short squeeze in the token. Jelly is currently down to a market capitalization of $25 million, but if it had skyrocketed to $150 million, Hyperliquid would have faced full liquidation.

Following the price manipulation of jelly on the whale platform, Hype, the price of traditional tokens, fell sharply. Initially it fell from over $16 to under $13.

However, Hyperliquid avoided the huge losses he had faced as he listed the jelly and closed his short position. Since abolishing liquidation and avoiding it, the hype has been traded for $14.84.

(Coinecko)

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ZachxBT reveals connections between many major exchanges and high lipid wallets

If this result occurs, it would be even more interesting if both jelly manipulators 0x20e8 and 0x67f were newly funded via Binance at arbitrum

0xF5C07EC0ACFC371C05A5DE9882C8C90BFA1C071FA9356E6710E3DB17D5ABD48
0xf171d527b9a277b895a02ca4b7c5e081cb94a8932a60edbdcb02eaa729b524 …

– Zachxbt (@zachxbt) March 26, 2025

While the dangers and drama for the time being seemingly end up due to high lipids, everyone’s favorite chain detective Zachxbt quickly delved into this issue.

He discovered that two high lipid wallets involved in jelly price manipulation, 0x20E8 and 0x67F, connect to centralized exchanges such as OKX, MEXC, BYBIT, and BINANCE. Both addresses demonstrate interactions and receive funds from these exchanges before carrying out attacks on high lipids.

Many people within the Crypto community believe this attack on high lipids could be a coordinated attack with a major exchange to close the highly successful hyperglycemic Dex.

This suspicion was further promoted during the drama as both OKX and Binance announced they would list a permanent pair of jelly meme coins.

It appears to be a big coincidence that both exchanges chose to list roughly the same tokens as fully liquidating high lipids for market manipulation on the platform.

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What is the posting jelly crypto drama? Is Binance trying to interfere? It first appeared in 99 Bitcoin.