Ah, Richard Teng, the charming bard of Binance, has once again taken center stage to wax lyrical about the virtues of transparency, security, and compliance. How splendid it must be to serenade the masses with such lofty ideals, especially when his grand announcement collides with rampant gossip that the resplendent black-and-yellow colossus has all but orchestrated an attack on Hyperliquid—a cheeky little decentralized exchange that might just unsettle the throne of Binance itself. How quaint! 🎭
The delightful irony is palpable, dear readers, for Binance finds itself embroiled in yet another scandal, like a player caught with their hand in the proverbial cookie jar. 🍪
Now, let us delve into the deliciously tangled web of intrigue. An anonymous villain embarked on an audacious escapade, engaging in a delightfully diabolical dance of shorting JELLY futures while simultaneously snatching up this meme coin on-chain, thereby puffing up its price like a peacock showing off its feathers. 🦚
This riveting carousel culminated in a self-liquidation of epic proportions, leaving Hyperliquid’s liquidity provider nursing a rather painful $4.5 million hangover. Cheers! 🥂
One particularly massive whale with a jaw-dropping 124.6M $JELLY (worth a staggering $4.85M) was caught red-handed manipulating the price of $JELLY, sending Hyperliquid’s liquidity provider spiraling into a $12M loss!
Our dear whale first chucked $JELLY overboard, crashing the prices and leaving the Hyperliquidity Provider with a passive short position of 398M $JELLY (valued at $15.3M).
And then, wouldn’t you know it? The whale bought it back…!
— Lookonchain (@lookonchain) March 26, 2025
As the price of JELLY soared like a balloon at a child’s birthday party, another wallet swooped in to take a long position—oh, how the profits flowed! Meanwhile, Hyperliquid found itself flailing and gasping for air, ultimately suffocating under losses exceeding $10 million. What a delightful drama! 🎭
The Escapades of Binance and Hyperliquid
But wait! The origin of our villainous attack funds adds a fabulous twist. Blockchain sleuths traced the cash back to none other than OKX and Binance, stirring delicious speculation that centralized exchanges were the puppet masters behind this grand destabilization of Hyperliquid. How wonderfully conspiratorial! 🤫 This theory gained momentum when both exchanges announced the splendid listing of JELLY perpetual futures right in the midst of the carnage.
Ah, trust is the currency of our age, darling!
We’re utterly devoted to transparency, security, and compliance to ensure that this technology—so ripe with potential—does not end in farce.
— Richard Teng (@_RichardTeng) March 27, 2025
And there we have it! Teng’s lofty proclamations about transparency and compliance now dangle precariously amidst this delightful debacle.
Let’s not overlook Hyperliquid’s equally entertaining rebuttal, as they delisted JELLY and activated their Auto-Deleveraging (ADL) mechanism—forcing all positions to close at the scintillating price of $0.0095. Lamentably, some users howled in anguish, accusing the platform of egregious mischief in determining its settlement price. Oh, the scandal! 🎉
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2025-03-27 12:29