The wounds left by the collapse of FTX has not yet been closed that his spectrum again haunts the crypto universe. This time, it is on the side of Hyperliquid, transmitter of the flamboyant token hype, that the spotlights turn. A manipulation affair around the Token Jelly has just thrown a cold, awakening the painful memories of a unbridled finance.
Hyperliquid shaken by the loss of 13.5 million: the crypto jelly becomes a nightmare
The scenario seems written to disturb. On hyperliquid, a crypto trader opens A short position of $ 6 million against the Token Jellyfreshly listed. Until then, nothing unprecedented in the universe of perpetual contracts. But history slips when the trader, in a gesture as cynical as it is effective, triggers his own liquidation By artificially pumping the course of the token. The consequence? A dollars of $ 13.5 million For the “vault” of the platform.
In a press release published on X, Hyperliquid recognizes his wrongs ::
“” We assume responsibility for what happened and work to improve our risk management systems. The loss of vault was covered. It should never have happened. »»
Welcome clarity, but Insufficient to suffocate discomfort. The crypto community rumbles. Doubt settles. How a platform supposed symbolize the future of decentralized finance Can it be trapped as roughly? To this question, no code audit will answer.
It is a question of governance, alertness, promises not held. And already, some investors speak of a “mini FTX disguised as a dex”.
Binance in turmoil: between risky crypto listings and avoidance strategy
The Jelly affair does not stop at the borders of hyperliquid. Binance, giant of the Crypto market, was also found in the storm. The token Jelly had been listed there shortly before the explosion of the case. Two communication posts were then removed in the precipitation. Simple crisis management or disguised panic?
No one responds, and silence resonates like an admission.
Gracy Chen, CEO of Bitget, did not chew her words ::
Jelly's Delisting without explanation is a red alert. Centralized or decentralized platforms owe their transparency and responsibility community.
Comparison with FTX is soon to flower, with disturbing elements:
- Jelly has seen its value over $ 1.2.2.80 in the space of a few hours.
- More than $ 6 million have been placed in short lever positions, precisely targeting this token.
- Spectacular orchestrated liquidation trapped the protocol, showing a blind man in risk management.
- Binance, after promoting the project, retracted without official comments.
The crypto trader originally the squeeze is now in the red, with an estimated loss of more than $ 1 million.
In an ecosystem where confidence is the rarest commodity, the slightest misstep becomes viral. And the Binance platform, already under the scrutinizing gaze of the regulators, did not need this new episode to weaken its reputation.
The Jelly affair acts here as a revealer. What should only be even among others became the wick of a global controversy.
In the crypto universe, memory is live and recent scars
It only takes a poorly placed tweet, a badly managed crypto, a forgetting of security so that the crypto universe rocks. The memory of investors is short, but lively. And The injuries left by FTX still bleed. Because the Jelly affair does not only mention an error. It evokes a structural flaw, a blind spot that technology alone does not fill.
Hyperliquid, despite a hybrid architecture praised for its speed, suffers from a more devious evil: a cruel lack of developers and validators to follow the pace of a growing ecosystem. Without labor to strengthen security, audit smart contracts, develop the protocol, promises to be foggy.
Some observers already compare the case to A FTX remakewith differences in decor but similarities in the background:
- Centralization of decisions masked under the label of decentralization;
- Tokens listed in a hurry, without analysis of the robustness of the projects;
- Late responses and annoying silences when the crisis breaks out;
- Risk management that is still based on blind confidence towards some key developers.
We thought we had retained the lessons. It was thought that projects would have strengthened their defenses. But now the flaw opens again, gaping, in a token of jelly that has become too slippery for the Crypto strait.
Hyperliquid, powered by an still efficient hype crypto and an attractive technical architecture, remains under the spotlight. But will she be able to avoid disaster? In a world where bugs, betrayals or developers' absences can change everything, a single spark is enough to trigger the fire.
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