Hyperliquid, a prominent perpetual futures exchange, has taken decisive action by delisting its perpetual futures linked to the JELLY token. This decision comes in light of recent findings that indicated “evidence of suspicious market activity” associated with these trading instruments.
The Hyper Foundation, the nonprofit entity overseeing the Hyperliquid ecosystem, has committed to reimbursing the majority of users impacted by this incident. According to a recent announcement made on March 26 via the X platform, Hyperliquid stated, “All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on on-chain data.” This assurance aims to restore user confidence following the unsettling developments surrounding JELLY trading.
Despite those hurdles, Hyperliquid reported a significant positive net income of approximately $700,000 from its primary liquidity pool, HLP, just within the last 24 hours. This figure indicates resilience within the platform even amidst challenging circumstances.
Earlier in the month, on March 14, the exchange had already adjusted its margin requirements for traders after experiencing substantial losses in its liquidity pool during a massive liquidation event involving Ether. This prior adjustment underscores Hyperliquid’s proactive approach to managing market volatility and safeguarding its user base.
This is a developing story, and further information will be provided as it becomes available. Stay tuned for updates as Hyperliquid navigates this complex situation and works towards ensuring user safety and trust.
