HLP保险库机构的另一个操纵事件发生在超流动性上

2025年3月26日，HLP保险库机制的另一项操纵事件发生在超液体上。一个匿名交易者触发了边缘短职位的清算

On March 26, another incident of manipulation with the HLP Vault mechanism occurred on Hyperliquid. As a result, the platform assumed loss-making obligations.

3月26日，HLP保险库机构的另一项操纵事件发生在超流动性上。结果，平台承担了损失义务。

The incident began with an anonymous trader depositing almost $7.2 million into three separate Hyperliquid accounts, according to experts at Arkham Intelligence. The goal was to exploit the peculiarities of the platform’s liquidation mechanism, which operates through Hyperliquidity Provider (HLP) pools.

根据Arkham Intelligence的专家说，该事件始于一个匿名交易员，将近720万美元存入了三个单独的超流动帐户中。目的是利用平台清算机制的特殊性，该机制通过超流动性提供商（HLP）池运行。

The user’s “tool” was a Solana-based memecoin — Jelly-My-Jelly (JELLYJELLY). Due to its relatively small market capitalization of $20 million (at the time the deal was opened), the asset was a convenient target for manipulation, noted the co-founder of the Polynomial.fi project with the nickname gauthamzzz.

用户的“工具”是一个基于索拉纳的模因-Jelly-My-Jelly（Jellyjelly）。由于与昵称Gauthamzzz的联合创始人指出，由于其相对较小的市值为2000万美元（当时达成交易时）是一个方便的操纵目标。

The trader created two long positions on JELLYJELLY for $2.15 million and $1.9 million, respectively. Simultaneously, he opened a short position for 400 million JELLYJELLY ($4.1 million at the time of the transaction). The latter was created with 20x leverage and covered almost 40% of the asset’s total supply.

交易员分别以215万美元和190万美元的价格在Jellyjelly上创建了两个长位。同时，他为4亿果仁（交易时410万美元）开了一个短职位。后者是具有20倍杠杆作用的，覆盖了该资产总供应量的近40％。

These manipulations led to a sharp jump in the token’s price. Within a short period, the asset’s capitalization jumped from $20 million to $50 million, and the price increased by more than 400%, according to CoinGeckoTerminal data. In essence, the whale created an artificial market movement, balancing his own trades to trigger the liquidation of one of them.

这些操纵导致令牌的价格急剧上升。根据CoingeCkoterminal数据，在短时间内，资产的资本化从2000万美元跃升至5000万美元，价格上涨了400％以上。从本质上讲，鲸鱼创造了人造市场运动，平衡自己的交易以触发其中一个的清算。

As the price of JELLYJELLY began to rise, this triggered the forced closure of his short position. However, due to its volume, the trade was not processed in the standard way but was sent to the HLP Liquidator vault. This platform mechanism is usually used to close large positions without significantly impacting the market.

随着Jellyjelly的价格开始上涨，这引发了他的短姿势的强迫关闭。但是，由于其数量，该交易不是以标准方式处理的，而是发送给HLP清算人保管库。这种平台机制通常用于关闭大型位置，而不会显着影响市场。

In the case of large transactions, there is a risk that the system will not have time to close the position quickly. Essentially, the HLP Liquidator is not the sole liquidator but directs trades to the order book. This creates competition when closing a position and allows users to retain the remaining margin after liquidation.

在大型交易的情况下，系统没有时间迅速关闭该位置。从本质上讲，HLP清算人不是唯一的清算人，而是将交易指导到订单。这会在关闭职位时产生竞争，并允许用户在清算后保留剩余的利润。

“The risk with this approach is that if the market moves too fast or there is not enough liquidity on the order book, the HLP Liquidator may not be able to fully liquidate the position at the desired price, leading to unrecoverable losses for the HLP,” explained representatives of Hyperliquid, adding that they notified the community about this scenario in March 2023.

“这种方法的风险是，如果市场的移动太快或订单簿上没有足够的流动性，那么HLP清算人可能无法以所需的价格充分清算该职位，从而导致HLP的无法恢复的损失。”

This threat was realized in practice. As a result of the trader’s manipulations with JELLYJELLY and his actions, they led to potential HLP losses of $12 million, according to Lookonchain experts.

在实践中实现了这种威胁。根据Lookonchain专家的说法，由于交易员与Jellyjelly的操纵及其行为，他们可能导致HLP损失1200万美元。

As for the long positions, immediately after the price jump, they reached a seven-figure positive Profit and Loss (PnL) figure. The user began actively withdrawing funds and managed to receive $6.26 million before his accounts were restricted to “reduce-only” orders.

至于长位置，价格上涨后，他们立即达到了七位数的正利润和损失（PNL）数字。用户开始积极撤回资金，并在其帐户被限制为“仅减少”订单之前设法获得了626万美元。

According to Arkham, the developers’ prompt intervention nullified the user’s efforts to profit and prevented him from succeeding.

根据阿卡姆（Arkham）的说法，开发商的及时干预措施无效，用户为获利而努力阻止了他的成功。

“In the end, Hyperliquid closed the JELLYJELLY market at $0.0095, the price at which the third account entered its short trades. This zeroed out all floating PnL on the trader’s first two accounts,” the analysts concluded.

分析师总结说：“最终，Hyproliquid以0.0095美元的价格结束了Jellyjelly市场，这是第三个帐户进入其短贸易的价格。该分析师在交易者的前两个​​帐户上将所有浮动PNL归零了。”

The Hyperliquid team took several emergency measures. First, the platform limited the ability of the mentioned trader to place orders, allowing only the closing of positions.

超流动团队采取了几项紧急措施。首先，该平台限制了上述交易者下达订单的能力，仅允许关闭职位。

As a result, a portion of unrealized profit remained in his account, and the user himself incurred losses. Even in the most optimistic scenario for him, he will lose $4,000.

结果，他的帐户中保留了一部分未实现的利润，用户本人损失了。即使在最乐观的情况下，他也会损失4,000美元。

“Assuming he can withdraw funds at some point in the future, his actions on Hyperliquid cost him a total of $4,000. If he cannot, he faces a loss of almost $1 million,” Arkham noted.

阿尔卡姆指出：“假设他将来可以在某个时候提取资金，那么他对超流动的行为总计损失了4,000美元。如果不能，他将面临近100万美元的损失。”

In addition to the restrictions on the trader, in an attempt to stop the manipulations, Hyperliquid announced the immediate delisting of JELLYJELLY. This decision provoked a mixed reaction from the community. On the one hand, it was aimed at preventing further manipulations, but on the other hand, it raised questions about the exchange’s resilience to such attacks and brought up issues of decentralization.

除了对交易者的限制外，为了停止操纵，Hyproipid宣布了立即将Jellyjelly推送出来。这一决定引起了社区的混合反应。一方面，它旨在防止进一步的操纵，但另一方面，它提出了有关交易所对此类攻击的韧性的问题，并提出了权力下放的问题。

Analysts also noted that simultaneously with the incident on the platform, centralized exchanges Binance and OKX launched perpetual futures for JELLYJELLY. This situation sparked discussions about possible competition between platforms and their approaches to risk management.

分析师还指出，与该平台上的事件同时，集中交易所二手股和OKX为Jellyjelly推出了永恒的期货。这种情况引发了关于平台之间可能竞争及其风险管理方法之间可能竞争的讨论。

Moreover, expert ZachXBT stated that the funds used by the trader came from the Binance exchange.

此外，Expert Zachxbt表示，交易员使用的资金来自Binance Exchange。

Hyperliquid, in turn, assured users that the HLP losses would not affect their funds, and that those affected, except for the “exploiter,” would receive

反过来，超流动性向用户保证，HLP损失不会影响其资金，并且受影响的人除了“剥削者”之外，将收到