According to ChainCatcher, today a certain address imitated the previous whale operation on Hyperliquid with 50x leverage, dumping 398 million JELLY short positions on Hyperliquid, which triggered the risk of liquidation and losses in Hyperliquid's treasury. Sonic Labs co-founder Andre Cronje posted on X platform, saying: "I hate this approach. Position size should not be a fixed function formula for leverage, but should depend on available liquidity and actual volatility. For example, small positions could have 1000x leverage, while large positions could have 1.2x leverage. In the DeFi field, leverage cannot be set to a fixed value."