In a complex and dramatic event, the decentralized exchange (DEX) HyperLiquid faced a significant short squeeze involving the meme coin JELLY. The situation escalated when HyperLiquid was compelled to take over a trader's liabilities, amounting to $230 million.

As the situation unfolded, leading centralized exchanges (CEXs) such as Binance and OKX decided to list JELLY perpetual contracts, which appeared to be a strategic move against HyperLiquid. This decision by major exchanges came shortly after HyperLiquid removed JELLY from its platform, sparking intense debate within the community.

HyperLiquid, known for its popularity among traders, now finds itself under heavy scrutiny following this unusual short squeeze. At the heart of the controversy is JELLY, a newly introduced Solana-based meme coin. Essentially, large-scale holders of JELLY manipulated the coin's price, resulting in substantial losses within HyperLiquid's HLP vault.

To provide context, JELLY experienced a remarkable surge, nearly quadrupling in value within a short period. This dramatic increase was triggered by a \"short squeeze,\" a scenario where investors who had bet on the coin's decline were caught off guard by its unexpected rise.

In this instance, a trader borrowed a large quantity of JELLY tokens and quickly sold them, anticipating a drop in price to repurchase them at a lower cost for profit. However, contrary to expectations, the price skyrocketed, obligating the trader to repurchase the tokens at inflated prices, leading to significant financial losses.

This abrupt surge in demand amplified the coin's price further, attracting traders and investors who sought to capitalize on the upward trend. Within an hour, JELLY's market capitalization soared from $10 million to $43 million. Consequently, HyperLiquid incurred a loss of $6.5 million due to the trader's unsuccessful short position, fueling concerns about the exchange's financial stability.

Simultaneously, Binance and OKX listed JELLY perpetual contracts, which intensified the price increase. Some users advocated for other exchanges to follow suit, aiming to inflict substantial losses on HyperLiquid. Interestingly, it seemed these calls were being heard. Binance, the world's largest cryptocurrency exchange, encountered numerous requests to include JELLY, amplifying the pressure on HyperLiquid.

Yi He, one of HyperLiquid's co-founders, indicated openness to listing JELLY, while crypto investigator ZachXBT suggested that the initial large holder of JELLY was funded through Binance. Following these developments, Binance announced the introduction of perpetual contracts for JELLY. OKX also joined the trend by initiating perpetual contracts trading for the coin.

In response to these moves, HyperLiquid declared the removal of JELLY from its platform, ostensibly eliminating its potential losses. This decision led to immediate backlash on social media platforms. Supporters of HyperLiquid expressed dissatisfaction with the JELLY incident, whereas critics accused the company of unethical behavior.

The exchange's validators affirmed that the decision was a collective choice, dispelling rumors suggesting that the CEO acted independently. Nevertheless, the ramifications of this move are profound. If HyperLiquid can dismiss its JELLY liabilities without consequences, it could set a precedent with destabilizing effects.

Experts highlighted that mechanisms similar to this liquidation process were instrumental in the collapse of FTX. As such, the community must closely monitor the unfolding events, as this situation poses serious risks to the broader ecosystem.

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