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A Whale holding 126 million JELLY is manipulating the coin price, causing HLP to lose nearly 12 million USD.
According to BlockBeats news on March 26, Lookonchain monitored that a Whale holding 126 million JELLY (jellyjelly) is manipulating the coin price. The Address first sold JELLY to cause a big dump in price, allowing HLP to have a passive short positions of 398 million JELLY (approximately 15.3 million USD). Then the Address bought back JELLY, driving up the price, resulting in HLP losing nearly 12 million USD.