Hyperliquid whale still holds 10% of JELLY memecoin after $6.2M exploit

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Related: Polymarket faces scrutiny over $7M Ukraine mineral deal betIn more troubling revelations, the entity may still be holding nearly $2 million worth of the token’s supply, according to blockchain investigator ZachXBT.“Five addresses linked to the entity who manipulated JELLY on Hyperliquid still hold ~10% of the JELLY supply on Solana ($1.9M+).

The JELLY token’s collapse is the latest in a series of memecoin scandals and insider schemes looking to capitalize on investor hype. Source: BubblemapsThe exploit occurred only two weeks after a Wolf of Wall Street-inspired memecoin — launched by the Official Melania Meme (MELANIA) and Libra (LIBRA) token co-creator Hayden Davis — crashed over 99% after launching with an 80% insider supply.

A crypto whale who allegedly manipulated the prize of the Jelly my Jelly (JELLY) memecoin on decentralized exchange Hyperliquid still holds nearly $2 million worth of the token, according to blockchain analysts.

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Author / Journalist: Cointelegraph by Zoltan Vardai

Category: Crypto

Markets: United StatesUkraine

Topics: Supply According Memecoin Positions Worth Hyperliquid Jelly Blockchain Holds Million Whale

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-27 @ 09:29:59 (3 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 436 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27366772

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