A trader manipulated the JELLY market by opening a $6 million short position on Hyperliquid, then driving the token price up on DEXs, triggering liquidation and forcing the HLP vault to absorb $13.5 million in losses

Quotes that support claims

A trader "opened a massive $6M short position on JellyJelly" and then "deliberately self-liquidated by pumping JellyJelly’s price on-chain

The trader then aggressively bought JELLY on spot exchanges, pushing the price up and temporarily causing HLP's unrealized loss to stand at $13.5 million

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