Hyperliquid Delists JELLY Perpetual Futures Due to Suspicious Activity

Hyperliquid, the decentralized perpetual futures exchange, has announced the delisting of perpetual futures contracts tied to the JELLY token. The decision follows the detection of \”evidence of suspicious market activity\” related to these trading instruments, according to a statement released by the platform.

In a March 26th post on X (formerly Twitter), Hyperliquid, managed by the Hyper Foundation, confirmed its commitment to reimbursing the majority of affected users for any losses incurred. The platform clarified that, \”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.\”

Despite this incident, Hyperliquid highlighted the resilience of its primary liquidity pool, HLP, reporting a positive net income of approximately $700,000 within the past 24 hours. This announcement comes after a previous incident on March 14th, where Hyperliquid increased margin requirements following a significant Ether liquidation that resulted in multi-million dollar losses for its liquidity pool.

Source: Hyperliquid

The nature of the suspicious activity remains undisclosed, and Hyperliquid has not provided further details at this time. This is a developing story, and we will update this post with any further information as it becomes available.