According to Foresight News, as monitored by Lookonchain, a whale address holding 124.6 million JELLY (worth approximately $4.85 million) manipulated the JELLY (jellyjelly) price, causing a $12 million loss to the Hyperliquidity Provider (HLP). The whale address first sold JELLY, causing a sharp price drop and leaving HLP with a passive short position of 398 million JELLY (worth approximately $15.3 million). Subsequently, the address repurchased JELLY to drive up the price, resulting in a loss of nearly $12 million for HLP.
A whale holding 124.6 million JELLYs manipulated the price of JELLYs, causing HLP to lose $12 million
This article is machine translated
Show original
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Share