The meltdown of the JELLY token on Hyperliquid is the latest DeFi exploit in a year already riddled with hacks.
Suspicious trading activity led decentralized exchange Hyperliquid to delist the Jelly-my-Jelly (JELLY) memecoin, with details of an exploit unraveling over the course of a few days.
The decentralized finance sector has already seen historic exploits in 2025, as the space struggles with issues of oversight and security. The Bybit hack saw North Korean hackers get away with $1.4 billion in February alone.
The JELLY incident, in which a whale exploited the Hyperliquid exchange’s liquidation parameters, getting away with millions, is just the latest exploit to rock the industry.
