The unidentified whale still owns more than 10% of the whole supply after earning at least $6.26 million from the Hyperliquid hack.
Blockchain researchers claim that a crypto whale who allegedly manipulated the value of the Jelly my Jelly (JELLY) memecoin on the decentralized market Hyperliquid still has around $2 million worth of the token.
By taking advantage of Hyperliquid’s liquidation rules, the unnamed whale profited at least $6.26 million.
The whale launched three sizable trading positions in five minutes, according to a postmortem study by blockchain intelligence company Arkham. The two bullish bets, valued at $2.15 million and $1.9 million, were successfully countered by a $4.1 million short position.
Because of its enormity, the $4 million short position was not promptly liquidated when the price of JELLY increased by 400%. The Hyperliquidity Provider Vault (HLP), which is intended to liquidate huge holdings, instead swallowed it.
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In other concerning disclosures, blockchain researcher ZachXBT claims that the organization could still be in possession of about $2 million worth of tokens.
Five addresses connected to the organization who controlled JELLY on Hyperliquid still control around 10% of Solana’s JELLY supply ($1.9M+). In a Telegram message on March 26, he said, “All JELLY was purchased since March 22, 2025.”
Despite Hyperliquid halting and delisting the memecoin because to “evidence of suspicious market activity” involving trading instruments, the business is still selling the tokens.
The fall of the JELLY token is the most recent in a string of insider scams and memecoin scandals aimed at taking advantage of investor fervor.
Street, which was introduced with an 80% insider supply and collapsed over 99% after being introduced by Hayden Davis, co-creator of the Official Melania Meme (MELANIA) and Libra (LIBRA) tokens.
The exploit happened only two weeks after a memecoin inspired by Wolf of Wall Street, which was introduced with an 80% insider supply and collapsed over 99% after being introduced by Hayden Davis, co-creator of the Official Melania Meme (MELANIA) and Libra (LIBRA) tokens.
