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The JELLY crisis began with the unforeseen price spike of the JELLY token on Hyperliquid, which was caused by the market manipulation of a trader after assuming a $6 million short position in 20x leverage. The price spike had the potential to bankrupt Hyperliquid's vault by a $12 million loss and also lead to total liquidation.
It responded by delisting JELLY and halting perpetual futures, being accused of a failure in decentralized ethos and risk management. To ease the damage, Hyperliquid announced compensation plan for holders of long position at $0.037555, with exclusions from blacklisted addresses, and also to tighten vault liquidation limits as well as introducing dynamic open interest caps.
The event has generated controversy regarding market manipulation and the effectiveness of decentralized governance in DeFi, and it posed questions about the operational integrity of Hyperliquid and future events. The event reminds us of the inherent volatility and complexity in cryptocurrency markets as Hyperliquid seeks to improve its risk management procedures
