Decentralized cryptocurrency exchanges (DEXs) continue to challenge the dominance of centralized platforms, even as a recent $6.2 million exploit on Hyperliquid highlights risks in DEX infrastructure.
A cryptocurrency whale made at least $6.26 million profit on the Jelly my Jelly (JELLY) memecoin by exploiting the liquidation parameters on Hyperliquid, Cointelegraph reported on March 27.
The exploit was the second major incident on the platform in March, noted CoinGecko co-founder Bobby Ong.
“$JELLYJELLY was the more notable attack where we saw Binance and OKX listing perps, drawing accusations of coordinating an attack against Hyperliquid,” Ong said in an April 3 X post, adding:
“It’s clear that CEXes are feeling threatened by DEXes, and are not going to see their market share erode without putting on a fight.”DEX growth reshapes derivatives market
Hyperliquid is the eighth-largest perpetual futures exchange by volume across