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Hyperliquid Vault Faces Repeated Attack with $Jellyjelly Memecoin
Key Points:* Hyperliquid faces a second attack as vaults are targeted using Memecoin $Jellyjelly.
The recent attack highlights vulnerabilities within the platform, raising questions about its risk management. The memecoin’s price gained nearly 500% during the situation, according to data, causing significant market turbulence.
Coordinated Assault Slashes Hyperliquid’s TVL by $20 Million
On-chain analyst identified a coordinated attack on Hyperliquid’s vault, involving setting a bait with airdrops and strategic short selling on the memecoin $Jellyjelly. The attack replicated strategies used in a previous incident, targeting less liquid assets for easier price manipulation. A $4.08 million short position was opened on $Jellyjelly, followed by intensive buying waves to increase the vault’s loss, threatening a potential bank run. The attack decreased the total value locked (TVL) by $20 million and dropped the liquidation price to approximately $0.14.
Hyperliquid’s immediate challenges include addressing the significant outflow and restoring user confidence. As per their official statement, validators decided to delist JELLYJELLY perps, attempting to mitigate the damage by promising compensation to affected users. However, the crisis has resulted in roughly $140 million in USDC outflows within hours.
source## Regulatory Scrutiny Intensifies Post Attack on Hyperliquid
Did you know? The $Jellyjelly incident marks the second significant challenge for Hyperliquid’s vaults. In March 2025 alone, Hyperliquid faced two major setbacks involving strategic liquidation maneuvers.
According to CoinMarketCap data, Ethereum’s current market indicators reflect continued fluctuations, with a 1.88% decrease over the past day. A 39.44% drop over the past two months highlights the volatility investors face. Presently holding a market cap of approximately $244.09 billion, Ethereum maintains a substantial role in the crypto market as of March 27, 2025. The platform’s liquidations and price shifts remain pivotal indicators among analysts and traders alike.