Audit log

Every state-changing event for JELLYJELLY Manipulation (March 2025): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-10-13 05:14:50Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 456,322,874

   sig

   2JFPiEbbzLM1…7ocW4nmJcopyexplorer ↗

   hash

   HNe1zNpHgLmW…opsby7fBcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (9675 B) ▸

   {"actor":"system:backfill","investigation_id":"b03186f7-7b9c-48ed-868a-080d17cfa0f5","kind":"publish","page_slug":"jellyjelly-manipulation-march-2025","published_at":"2026-10-13T05:14:50.074Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"JELLYJELLY Manipulation (March 2025)","sections":[{"content":"According to The Block, Hyperliquid delisted the JELLYJELLY perpetual contract on 26 March 2025 after what it called \"evidence of suspicious market activity.\" The Block reported that one wallet (0xde96) opened a short on JELLYJELLY and that another wallet (0x20e8) went long, leaving the HLP vault with large unrealized losses (about $12 million per Lookonchain data cited by The Block). Decrypt reported that a user opened a $6 million short at 20x leverage that moved sharply against them as the price rose. Coin360 reported a short of $6 million to $8 million and said the token's market cap rose from about $10 million to over $50 million within an hour; Cointelegraph, citing an AP Collective commentator, put the short at about $6 million and the market cap at about $25 million on the day. The market cap figure therefore differs between outlets. The identity of the person or persons behind the wallets has not been established in the sources reviewed, and nothing here is a finding of wrongdoing by any individual.","heading":"Incident description","severity":"high","sources":[{"credibility":2,"name":"The Block - Hyperliquid delists JELLYJELLY memecoin amid whale manipulation fiasco","type":"news_article","url":"https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco"},{"credibility":2,"name":"Decrypt - Hyperliquid Delists Surging Solana Meme Coin to Avoid Liquidation Crisis","type":"news_article","url":"https://decrypt.co/311713/hyperliquid-delists-solana-meme-coin-liquidation-crisis"},{"credibility":3,"name":"Coin360 - Hyperliquid delists JELLY token after attack","type":"news_article","url":"https://coin360.com/news/hyperliquid-delists-jelly-token-after-attack"},{"credibility":2,"name":"Cointelegraph - Bitget CEO slams Hyperliquid JELLY perps delisting","type":"news_article","url":"https://cointelegraph.com/news/bitget-ceo-slams-hyperliquid-jelly-perps-delisting"}]},{"content":"Hyperliquid said the validator set convened and voted to delist JELLY perps, and that all users apart from flagged addresses would be made whole by the Hyper Foundation, per The Block and Decrypt. Decrypt reported that about $3.7 million in JELLYJELLY positions were settled at $0.0095 per token, and that the HLP vault's all-time profit dipped by about $11 million before the losses were reversed. Coin360 reported that 392 million JELLY tokens were settled at $0.0095 and that Hyperliquid cited a $703,000 profit, which it said drew skepticism; it also cited vault loss estimates of $12 million to $20 million. The Block reported HLP 24-hour PnL of about 700k USDC at the time of writing. The $703K figure was not confirmed against a primary Hyperliquid post or an independent audit in this review, so it should be treated as Hyperliquid-attributed and unverified. OneKey's postmortem states that Hyperliquid said the settlement price left the vault with a surplus but gives no figures. Reported HYPE price impact varied: up to 22% intraday decline (The Block, Coin360), and about 14% over the day to $13.85 (Decrypt).","heading":"Validator vote, settlement and reported financial outcome","severity":"high","sources":[{"credibility":2,"name":"The Block - Hyperliquid delists JELLYJELLY","type":"news_article","url":"https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco"},{"credibility":2,"name":"Decrypt - Hyperliquid delists Solana meme coin","type":"news_article","url":"https://decrypt.co/311713/hyperliquid-delists-solana-meme-coin-liquidation-crisis"},{"credibility":3,"name":"Coin360 - Hyperliquid delists JELLY token after attack","type":"news_article","url":"https://coin360.com/news/hyperliquid-delists-jelly-token-after-attack"},{"credibility":3,"name":"OneKey - Hyperliquid incident postmortem","type":"research","url":"https://onekey.so/blog/ecosystem/hyperliquid-incident-postmortem/"}]},{"content":"The delisting by a small validator set drew public criticism. Cointelegraph and Coin360 reported that Bitget CEO Gracy Chen called the response \"immature, unethical, and unprofessional\" and said it set a dangerous precedent. The Block and Decrypt reported Arthur Hayes saying \"Let's stop pretending Hyperliquid is decentralized.\" Decrypt quoted Doug Colkitt as saying overriding the oracle price left \"the attacker with a small loss.\" Others in the reporting framed the intervention as protecting users. These are opinions of the named commentators.","heading":"Governance and centralization concerns","severity":"medium","sources":[{"credibility":2,"name":"Cointelegraph - Bitget CEO slams Hyperliquid JELLY perps delisting","type":"news_article","url":"https://cointelegraph.com/news/bitget-ceo-slams-hyperliquid-jelly-perps-delisting"},{"credibility":2,"name":"Decrypt - Hyperliquid delists Solana meme coin","type":"news_article","url":"https://decrypt.co/311713/hyperliquid-delists-solana-meme-coin-liquidation-crisis"},{"credibility":2,"name":"The Block - Hyperliquid delists JELLYJELLY","type":"news_article","url":"https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco"}]},{"content":"The Block and Cointelegraph reported an earlier March 2025 event on 12 March involving a large ETH long position; Cointelegraph said it cost HLP depositors about $4 million, and The Block described it as a first whale manipulation event that month. Cointelegraph said Hyperliquid raised collateral requirements afterward. Reporting describes JELLY as a small-cap token with shallow spot liquidity, a condition that makes oracle-based perpetual markets susceptible to alleged price manipulation. Coin360 reported Arkham Intelligence saying the trader withdrew $6.26 million with about $1 million remaining restricted, and ZachXBT linking deposit addresses to Binance; these are single-outlet, secondhand claims. Binance and OKX listed JELLYJELLY perps within about an hour, per The Block.","heading":"Related prior incident and structural risk","severity":"medium","sources":[{"credibility":2,"name":"The Block - Hyperliquid delists JELLYJELLY","type":"news_article","url":"https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco"},{"credibility":2,"name":"Cointelegraph - Bitget CEO slams Hyperliquid JELLY perps delisting","type":"news_article","url":"https://cointelegraph.com/news/bitget-ceo-slams-hyperliquid-jelly-perps-delisting"},{"credibility":3,"name":"Coin360 - Hyperliquid delists JELLY token after attack","type":"news_article","url":"https://coin360.com/news/hyperliquid-delists-jelly-token-after-attack"}]}],"sources_used":[{"credibility":2,"name":"The Block - Hyperliquid delists JELLYJELLY memecoin amid whale manipulation fiasco","type":"news_article","url":"https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco"},{"credibility":2,"name":"Decrypt - Hyperliquid Delists Surging Solana Meme Coin to Avoid Liquidation Crisis","type":"news_article","url":"https://decrypt.co/311713/hyperliquid-delists-solana-meme-coin-liquidation-crisis"},{"credibility":2,"name":"Cointelegraph - Bitget CEO slams Hyperliquid JELLY perps delisting","type":"news_article","url":"https://cointelegraph.com/news/bitget-ceo-slams-hyperliquid-jelly-perps-delisting"},{"credibility":3,"name":"Coin360 - Hyperliquid delists JELLY token after attack","type":"news_article","url":"https://coin360.com/news/hyperliquid-delists-jelly-token-after-attack"},{"credibility":3,"name":"OneKey - Hyperliquid incident postmortem","type":"research","url":"https://onekey.so/blog/ecosystem/hyperliquid-incident-postmortem/"}],"summary":"On 26 March 2025, an alleged coordinated trading pattern in the thinly traded JELLYJELLY (JELLY) token put Hyperliquid's community HLP vault on the opposite side of a large short position as the spot price rose. Hyperliquid validators voted to delist the JELLY perpetual contract and force-settle positions, and Hyperliquid said flagged addresses would be excluded from compensation. Loss figures and the exchange's reported profit are contested and vary by outlet; no primary Hyperliquid statement or independent audit of the $703K figure was located.","timeline":[{"date":"2025-01","event":"JELLYJELLY token launched, reportedly peaking near a $250 million market cap before falling sharply.","source":"Coin360","source_url":"https://coin360.com/news/hyperliquid-delists-jelly-token-after-attack"},{"date":"2025-03","date_evidence":"on March 12, involved a $306 million ether long","date_original":"2025-03-12","event":"Earlier whale event on Hyperliquid involving a large ETH long position; HLP depositors reportedly lost about $4 million (Cointelegraph).","source":"The Block","source_url":"https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco"},{"date":"2025-03-26","date_evidence":"Wednesday, March 26, 2025","event":"Large short opened on JELLYJELLY perp while spot price rose; Hyperliquid validators voted to delist the perp and settle positions at $0.0095; Hyperliquid said flagged addresses would be excluded from compensation.","source":"The Block","source_url":"https://www.theblock.co/post/348314/hyperliquid-delists-jellyjelly-memecoin-amid-whale-manipulation-fiasco"}]},"v":1}

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