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The crypto community was just recovering from the aftermath of the Bybit hack, which saw North Korean hackers loot $1.3B from the exchange’s cold storage, and now we’ve had yet another sensational malicious activity.
This time it’s Hyperliquid in the firing line. Read on to find out exactly what went down and how a privacy-first crypto project like Best Wallet Token ($BEST) could potentially 100x as a result?
Dissecting the Hyperliquid-Jelly Meltdown
The popular decentralized crypto exchange Hyperliquid recently delisted the Jelly-my-Jelly ($JELLY) meme coin on the grounds of suspicious trading activity
$JELLY, by the way, fell from $0.21 all the way to $0.01 in just 10 days after its launch on January 30. However, it skyrocketed 400% on March 26, which is when chaos unfolded.
Here’s what happened prior to $JELLY’s delisting by Hyperliquid last week:
- A large crypto whale deposited $7M across three Hyperliquid accounts.
- Two of those accounts took long positions on $JELLY – one of $2.15M another another of $1.9M respectively.
- The third account took a $4.1M short position in order to cancel out the two long trades above.
- As $JELLY’s price rose from $0.01 to nearly $0.45 in a matter of just hours, the short position was liquidated. But the catch is that it was too large a position to be liquidated normally.
- As a result, the short trade was sent to the Hyperliquidity Provider Vault (HLP) for settlement.
- However, when Hyperliquid restricted the whale’s withdrawals, they resorted to selling their remaining $JELLY positions.
- This led to Hyperliquid shutting down the $JELLY market entirely.
All in all, the trader deposited a total of $7.17M but was only able to withdraw $6.26M. Around $900K still remains with Hyperliquid.
Hyperliquid’s Criticism
Big-name crypto personalities, such as the CEO and COO of Bitget, criticized Hyperliquid, saying that the exchange deliberately caused losses to the user.
One of them even said that Hyperliquid ‘may be on track to become FTX 2.0.’
Although the world is torn between Hyperliquid’s recent debacle, the fact remains that there’s a dire need for a reliable crypto storage and management solution. Enter Best Wallet.
What Is Best Wallet?
Best Wallet is a new-age crypto wallet that’s helping users reclaim their privacy. For starters, it’s a non-custodial wallet, meaning you alone have the ownership of your private keys. Therefore, none apart from you will be able to access your crypto assets.
The app also comes with Fireblock’s MPC-CMP wallet technology, which uses cutting-edge cryptographic techniques to safeguard your digital wealth.
We were also impressed to find out that fantastic in-app and crypto-related security is complemented by excellent app access controls.
Thanks to a plethora of 2FA/MFA options, which include biometrics, you don’t have to worry about the unfortunate scenario of your mobile ending up in the wrong hands.
In addition to rock-solid security, Best Wallet also hits it out of the park when it comes to being user-friendly. It has sleek apps for both Android and iOS – and a browser extension for desktop is on its way.
Last but not least, Best Wallet is also a joy for smart crypto investors who like getting in before the coins are listed on exchanges. That’s because Best Wallet is the only crypto wallet that allows its users to invest in new meme coins on presale directly from within the app.
Buy $BEST – The Next Crypto to Explode
Apart from the above, Best Wallet’s roadmap suggests that it’s soon going to offer support for over 60 chains. This would then make it a one-stop solution for managing all your crypto assets.
If you want to be a part of Best Wallet’s remarkable growth story, consider investing in Best Wallet Token ($BEST) – the native cryptocurrency of Best Wallet and one of the best cryptos to buy now.
Owning $BEST won’t just allow you to ride Best Wallet’s market takeover – it plans to capture over 40% of the non-custodial crypto wallet market by 2026 – but it also comes with its own special perks.
First and foremost, $BEST investors will have to pay lower transaction fees on Best Wallet.
Second, they’ll get priority access to the best crypto presales. This way, they’ll be able to become early investors (which means more profits) in some of the best projects going around.
Speaking of the Best Wallet Token presale, it has so far raised over $11.4M, and you can buy each token for just $0.024525 if you get in now.
If this is your first presale purchase, here’s a detailed guide on how to buy $BEST. Also, check out our Best Wallet Token price prediction for more details on the crypto’s future.
Best Wallet’s potential aside, do note that the crypto market is unpredictable. It’s rife with volatility, which is why you must only invest an amount that’s small enough for you.
As always, we urge our readers to do their own research. This article isn’t a substitute for financial advice, after all.
