Hyperliquid vault attacked again: organized, premeditated, and more cunning. If Binance releases related positive news, it may "directly kill the game."
ChainCatcher message, @ai_9684xtpa published a recap of the Hyperliquid vault being attacked again:A whale on Hyperliquid using 50x leverage previously "actively liquidated 160,000 ETH long positions" and withdrew a profit of $1.857 million;More cunning target selection: At that time, the whale on Hyperliquid chose ETH as the target, while this time the attacker targeted the Memecoin $Jellyjelly, which has a depth gap of N times, making price manipulation much easier;Setting bait with an airdrop: Address 0xde9...f5c91 opened a $4.08 million short position on $JELLY on Hyperliquid, with an opening price of $0.0095 and a margin of 3.5 million USDC;Replaying the active liquidation: Another address Hc8gN...WRcwq, after opening the short position, collaborated to dump the spot price, lowering the coin price, which created floating profit space for the short position, while the opening address withdrew 2.76 million USDC in margin, repeating the trick led to the position being liquidated and taken over by the vault;Turning around to buy and empty the vault: Two waves of intensive buying starting at 21:01 and 21:45 further amplified the vault's floating losses until the amount became significant and caught the market's attention.As long as jellyjelly does not drop, retail investors in HLP will withdraw funds, and the more funds withdrawn, the lower the liquidation price will be, which can be understood as "the early runners profit at the expense of the late runners." Subsequently, HLP may experience a bank run, and eventually, it may not even require jellyjelly to pull much from the vault before being forcibly liquidated due to insufficient margin.However, currently, HLP's TVL has decreased by about $20 million, and the liquidation price for the short position has dropped to around $0.14. The last buying operation from the address manipulating the coin price was 1 hour ago, and this address currently holds 124 million jellyjelly (worth $4.86 million), making it the top holding address on-chain. This address currently has no more funds available for buying, which is also the main reason for the significant price fluctuations that followed. As one of the main competitors of Hyperliquid, if Binance releases related positive news, such as listing jellyjelly spot or others, it will directly kill the competition.