The Trap of the Median — How JELLY Manipulated Mark Prices to Trigger HL's Liquidation Dominoes (Author: @agintender) In March 2025, the obscure token JELLY caused a multi-million-dollar liquidation crisis on Hyperliquid. The attackers didn’t exploit code vulnerabilities but instead manipulated low-liquidity spot markets, polluted oracles, and used the mark price mechanism to 'legally' trigger large-scale liquidations. Hyperliquid's HLP