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# Hyperliquid Hit Again: $12M Lost to Whale's Market Attack on $JELLY
- URL: https://blog.1token.tech/hyperliquid-hit-again-12m-lost-to-whales-market-attack-on-jelly/
- Published: 2025-04-01T05:49:39.000Z
- Updated: 2026-07-22T09:52:01.000Z
- Description: CW13 Market Digest: Polymarket’s $7M Ukraine bet manipulated via UMA governance attack; Hyperliquid lost $12M due to whale's $JELLY trades; Binance and MEXC launch seamless DEX trading from CEX balances.
- Author: 1Token
- Tags: Market Digest

## Polymarket betting manuplation

The blockchain smart contract based prediction platform Polymarket acknowledged a governance attack involving a large holder of UMA tokens who manipulated its oracle to influence a market resolution.

Between March 24 and 25, a $7 million Polymarket [bet](https://polymarket.com/event/ukraine-agrees-to-give-trump-rare-earth-metals-before-april?tid=1742969129893&ref=blog.1token.tech), "Ukraine agrees to Trump mineral deal before April?" surged from a mere 9% yes chance to a 100%, sparking controversy and speculation of coordinated manipulation. The $7 million bet resolved to a "yes" despite Ukraine not yet officially agreeing to U.S. President Donald Trump's deal aiming to gain access to Ukraine's critical mineral resources.

UMA token's token was recognized by this incident, ironically.

![](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2025/04/image.png)

Polymarket said the market resolved against expectations but stated it would not issue refunds as it wasn’t considered a market failure.

## Another big drawdown of HLP

Hyperliquid vault had another big drawdown since the last ETH incident.

According to [https://x.com/lookonchain/status/1904902828319269068](https://x.com/lookonchain/status/1904902828319269068?ref=blog.1token.tech), a [whale](https://hypurrscan.io/address/0xde9593Fe5cDC5Cb0917f5d5618A111F1174f5c91?ref=blog.1token.tech) holding 126 million $JELLY (jellyjelly) manipulated the coin price, by first dumping $JELLY, causing a price crash, which made HLP to hold a passive short position of 398 million $JELLY (approximately 15.3 million USD). Then the address bought back $JELLY, driving up the price, causing HLP to realized nearly 12 million USD loss.

Clearly HLP vault becomes a vulnerable target now.

![](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2025/04/image-1.png)

Hyperliquid terminated trading of $JELLY perp and later announced to cover the loss from foundation treasury, meanwhile Binance and OKX immediately listed $JELLY perp.

![](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2025/04/image-2.png)

I don't think such risk only exists in $JELLY, but if Hyperliquid imposes a stronger risk mechanism, and much less conservative LP mode, is that still interesting for retail traders?

## Trade DEX with CEX spot balance

First MEXC announced DEX+, to trade DEX seamlessly with CEX spot balance.In a week Binance followed by [introducing CEX to DEX trades](https://www.binance.com/en/support/announcement/detail/ac72fdd641874ce994c39eecc5ec73ca?ref=blog.1token.tech). With this update, Binance Exchange users can now directly trade on the Binance Wallet \[Trade\] tab using their Spot or Funding Account balances. The bought token will appear in the Binance Wallet not in the spot account.

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