From Cointelegraph
April 6, 2025 08:37:00 AM:

Decentralized cryptocurrency exchanges (DEXs) like Hyperliquid are challenging centralized platforms, despite a recent $6.2 million exploit. A whale profited by manipulating liquidation parameters on the platform, raising concerns about centralization. Hyperliquid’s growing volume threatens traditional exchanges like Binance and OKX. The incident may impact investor confidence in DEXes.

An unknown whale exploited Hyperliquid’s liquidation parameters by opening long and short positions worth millions. Despite a 400% rise in JELLY price, the $4 million short position was not immediately liquidated due to its size. The whale still holds 10% of the memecoin’s total supply post-exploit, despite Hyperliquid freezing and delisting the coin.

Read more at Cointelegraph: Decentralized exchanges gain ground despite $6M Hyperliquid exploit