Analysis: A certain address has dumped 398 million JELLY short orders to Hyperliquid, possibly imitating the previous operation of a 50x leveraged whale on Hyperliquid

According to on-chain analyst Yu Jing's monitoring, an address or imitation of the previous 50x leverage whale operation on Hyperliquid, by withdrawing margin, dumped 398 million JELLY short positions to Hyperliquid. This has already caused more than $10 million in floating losses for the Hyperliquid HLP vault. The specific process is as follows:
1、At 20:53, the address 0xde9...c91 transferred 3.5 million USDC into Hyperliquid as a margin and opened a short position of 430 million JELLY (worth $4.08 million). The opening price was $0.0095.

2. At 21:03, he closed a short position of 30 million JELLY at a price of $0.0103 (worth $310,000) and withdrew a margin of $2.76 million. His short position of 398 million JELLY (worth $4.5 million) was forcibly liquidated and taken over by Hyperliquid's clearing address at a price of $0.0113.
3. Subsequently, the price of JELLY quickly rose from $0.01 to $0.04 rapidly . The JELLY short position held by Hyperliquid's clearing address is currently suffering an unrealized loss exceeding $10 million.
This process appears to be an intentional forced liquidation to offload positions onto Hyperliquid, followed by aggressively pumping up the value of JELLY on CEX, forcing Hyperliquid to close out its positions at high prices only.