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JELLY

avoid.net/jelly→62/100·100% conf.
[AI-DRAFTED · AWAITING FACT-CHECK][src:zachxbt][centralization][defi][governance][hlp-vault][hyperliquid][manipulation][market-manipulation][memecoin][oracle-exploit][perpetuals][pump-and-dump][self-liquidation][short-squeeze][solana]

Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 5 → 62. Problems weighed by who is responsible: problems around the subject, caused by others −12.6. Version history →

Why this score
Every page starts at65
Problems around it, caused by others-12.6
Sum52

Score: 62/100 (kept between 0 and 100)

How scoring works →
anchored·EgdbRP…yx7i
last updated 2026-10-10

Summary

JELLY (JellyJelly / JELLYJELLY) is a Solana memecoin launched in January 2025 by Venmo co-founder Iqram Magdon-Ismail that became the center of a major market manipulation incident on Hyperliquid on March 26, 2025. A coordinated trader used a self-liquidation strategy — opening large opposing long and short positions — to force Hyperliquid's HLP liquidity vault to absorb a toxic short, causing up to $13.5 million in unrealized losses before validators emergency-delisted the token and force-settled all positions at a fixed price. The incident triggered widespread criticism of Hyperliquid's decentralization claims and raised systemic questions about perpetuals DEX risk management.

Connected Entities

35 entities · 59 linked investigations
Organizations
□JELLY□Bitget□BitMEX□Binance□Solana□ZachXBT□Hyperliquid
Exchanges
△Gate.io Exchange 2
Protocols
⌂Raydium AMM Authority
Tokens
♦jelly-my-jelly
Wallets
◇Bots7h…BBoa◇3xbmFr…JGpp◇GxcQAZ…nb74◇HBTU7h…3UPE◇4eKAAf…TUmm◇43kFKS…cmnk◇HYe4vS…8WHd◇F7gbKS…Y1sf◇jelly-my-jelly (jellyjelly)◇ENeUV2…X9gm◇G9ExLN…8eHE◇36etna…djHe+ 13 more
Relationships
  • jelly-my-jelly (jellyjelly)→associated with→JELLY(80%)
  • F7gbKS…Y1sf→controls→jelly-my-jelly(51%)
  • 4QXXp1…aYB3→controls→jelly-my-jelly(45%)
  • RV3vub…fZDn→associated with→jelly-my-jelly(60%)
  • GxcQAZ…nb74→controls→jelly-my-jelly(48%)
  • ALY1Kx…msTT→controls→jelly-my-jelly(48%)
  • Bots7h…BBoa→associated with→jelly-my-jelly(60%)
  • 3xeJCv…Wyqe→controls→jelly-my-jelly(46%)
  • HYe4vS…8WHd→associated with→jelly-my-jelly(60%)
  • BxRyZf…xDpv→controls→jelly-my-jelly(46%)
  • + 26 more
Also appears in
LAB Token (LabsAI)·26FEMITBOT Telegram Mini App Fraud Network·0HTX FCA UK Enforcement — Illegal Crypto Promotions (2026)·10LAB Token (AI Terminal / Vova Sadkov)·26AI-Powered Crypto Phishing Infrastructure 2026·0RaveDAO·26MEXC Exchange·32Ravencoin Consensus Vulnerability Exploit (August 2026)·0Monad (MON)·42Spark Protocol·80

Live On-Chain Activity

1 address watched · via Helius
No on-chain activity recorded yet for the addresses linked to this entity. When tracked wallets move funds on Solana, the events will appear here.
Have evidence about JELLY?

Timeline(11 events)

29 January 2025

JellyJelly (JELLYJELLY) token launched on Pump.fun by Venmo co-founder Iqram Magdon-Ismail and investor Sam Lessin. Token reaches $250 million market cap within hours.

Decrypt

26 March 2025

Coordinated wallets (0xde9, 0x20e, 0x67f) deposit approximately $7.17 million across Hyperliquid accounts, opening opposing long and short positions on JELLY perpetuals.

Arkham Intelligence

26 March 2025

Attacker pumps JELLY spot price approximately 429% across multiple exchanges. The 0xde9 short position is liquidated and transferred to the HLP vault, which cannot clear the position.

Halborn Security

26 March 2025

HLP vault unrealized losses peak at approximately $13.5 million as JELLY price continues to rise. Attacker withdraws approximately $6.26 million before intervention.

Web3 Is Going Great

26 March 2025

Binance and OKX list JELLY perpetuals, adding further spot price pressure. Community members allege competitor coordination.

CryptoSlate

26 March 2025

Hyperliquid validators reach emergency quorum within approximately two minutes. JELLY perpetuals are delisted and all positions force-settled at $0.0095, far below the market price of approximately $0.50.

CoinDesk

26 March 2025

HYPE token drops up to 22% following the delisting controversy. Arthur Hayes publicly states Hyperliquid is not decentralized.

Cryptopolitan

27 March 2025

ZachXBT publishes on-chain analysis linking attacking wallets to Binance and other CEX funding sources. He criticizes Hyperliquid for selective enforcement and inconsistency with prior hack responses.

The News Crypto

28 March 2025

Hyperliquid announces JELLY long holders will be reimbursed at $0.037555 (vs $0.0095 settlement price) by the Hyper Foundation, except flagged addresses.

CryptoTimes

28 March 2025

Hyperliquid announces four risk management reforms: HLP liquidator vault restructuring, ADL threshold changes, dynamic OI caps, and on-chain validator voting for asset delisting.

CryptoPotato

10 April 2025

CoinDesk reports on lasting reputational and capital flight impact from the JELLY incident, noting HLP vault deposits declined significantly amid decentralization concerns.

CoinDesk

Research Gaps

1 open · agent-resolvable

Heuristic next-actions surfaced for researchers and worker agents. Resolving these strengthens the page's evidence base and trust score.

  • [med]
    unarchived sources

    Cited sources are not Wayback-archived. Run the archiver to pin their content before they rot.

Provenance & Audit Trail
Recorded on Solana ✓Verify on-chain20 Wayback Archivessrc:zachxbt

Decision Log

  • #2rescore+57Recorded on Solana ✓10/10/2026, 6:49:15 PM
    slot 455369330 · hash 3rgRuzrcJsJiUEXoNN5wApZX98rZKHe3hnYE6SCKHCCT
  • #1publishRecorded on Solana ✓5/19/2026, 4:45:10 PM
    slot 420808105 · hash 5gpCRBk8VZdgGD4rLxkV2wWXqWqgDyEg9oGVdkHZmB8c

This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 20 of 20 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet

generated: 5/4/2026, 4:04:56 PM

last updated: 10/10/2026, 6:49:14 PM

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