PANews reported on March 26 that according to on-chain analyst Yu Jin's monitoring, an address may have imitated the previous 50x leverage whale operation on Hyperliquid by withdrawing margin and dumping 398 million JELLY short positions to Hyperliquid, which has currently caused Hyperliquid HLP vault to have an unrealized loss of over $10 million, with the specific process as follows:

1. At 20:53, the 0xde9...c91 address transferred 3.5 million USDC into Hyperliquid as margin and opened a 430 million JELLY short position (worth $408,000). The opening price was $0.0095.

2. At 21:03, he closed 30 million JELLY short positions (worth $310,000) at $0.0103 and withdrew margin of $2.76 million. His 398 million JELLY short positions (worth $450,000) were forcibly liquidated and taken over by Hyperliquid's liquidation address at $0.0113.

3. Subsequently, JELLY's price quickly surged from $0.01 to $0.04. The JELLY short positions held by Hyperliquid's liquidation address currently have an unrealized loss of over $10 million.

This process appears to be intentionally forcing liquidation to dump the position to Hyperliquid, and then rapidly pulling up JELLY on CEX, forcing Hyperliquid to close positions at a high price.