According to the report on March 26, an address may have imitated the 50x margin lending whale strategy on Hyperliquid and dumped 398 million JELLY into a short order. This margin withdrawal action caused a floating loss of over $10 million for Hyperliquid's treasury.

Initially, at 20:53, address 0xde9…c91 transferred 3.5 million USDC to Hyperliquid as margin and opened a short order of 430 million JELLY at a price of $0.0095, valued at $4.08 million.

Afterwards, at 21:03, this person closed a short order of 30 million JELLY, valued at $310,000 at a price of $0.0103, and withdrew $2.76 million in margin. Immediately, the remaining 398 million JELLY short order was liquidated at a price of $0.0113 and transferred to Hyperliquid's liquidation address.

JELLY's price then increased from $0.01 to $0.04. Hyperliquid's liquidation address is currently bearing a floating loss of over $10 million.

This process appears to be a deliberate move to force liquidation, transferring position ownership to Hyperliquid, and then strongly pushing JELLY's price up on the cryptocurrency exchange, causing Hyperliquid to only be able to close the position at a high level.