Jelly-My-Jelly

Jelly-My-Jelly is a Solana memecoin launched through Pump.fun in January 2025 by Iqram Magdon-Ismail, a co-founder of Venmo, attached to a video-sharing project of the same name. It trades on Solana under the ticker JELLYJELLY. Hyperliquid listed its perpetual market as JELLY, which is the name most people know it by and the one used here.

It is remembered less for the token than for what happened to it. In March 2025 a trader opened a large leveraged short on the JELLY perp, withdrew margin until the position liquidated itself, and pushed the spot price upward across venues. The order book could not absorb the liquidation, so the losing side passed to HLP, Hyperliquid's community-funded protocol vault, which then held a rapidly appreciating position it had never chosen. Unrealised losses reached about $12m.

Hyperliquid's validators reached consensus in roughly two minutes, delisted the market and settled positions valuing the token at $0.0095, far below the price the attacker had engineered. That protected the vault and erased the attacker's profit. It also showed that a small validator set could rewrite the outcome of a live market by vote, which became the central example in arguments about how decentralised Hyperliquid actually is.

The market remains visible on Hyperliquid flagged as delisted, with no volume and no open interest. Unknown: whether the attacker was ever identified, and what written rule governed the intervention.