Hyperliquid is delisting perpetual futures tied to the JELLY token after identifying “evidence of suspicious market activity” involving the trading instruments, the blockchain network said.
The Hyper Foundation, Hyperliquid’s ecosystem nonprofit, will reimburse most affected users for any losses related to the incident, Hyperliquid said in a March 26 post on the X platform.
“All users apart from flagged addresses will be made whole from the Hyper Foundation,” Hyperliquid said. “This will be done automatically in the coming days based on onchain data.”
Hyerliquid added that the perpetuals exchange’s primary liquidity pool, HLP, has clocked a positive net income of around $700,000 in the past 24 hours.
This incident is the latest to highlight Hyperliquid’s growing pains as it becomes Web3’s most popular platform for leveraged perpetual trading.
Perpetual futures, or “perps,” are leveraged futures contracts with no expiry date. Traders deposit margin collateral, such as USDC (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index"