Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy.The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain:How perp swaps workHow a whale used the low-liquidity memecoin $JELLY to attack Hyperliquid’s vaultHow Hyperliquid’s response broke DeFi taboos around decentralization, oracles, etc.Criticisms of and justifications for the team’s decisionsWhat can be done to prevent similar attacks in the futureVisit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!BitKey: Use code UNCHAINED for 20% offFalconXMantleGuestDoug Colkitt, Founder and CEO of Ambient FinanceLinks Accounts of the $JELLY whale attack on Hyperliquid and its response X: The storyX: Nuking the vaultX: How Hyperliquid respondedArguments for and against Hyperliquid’s solution:ZachXBT: ZachXBT calls out alleged hypocrisyJordi Alexander: Shorting on a perp is not robustJose Maria Macedo: How do they override the oracle price? Doug: Closing positions at an arbitrary priceGracy Chen: Casting doubts on integritySteven.hl: In defense of HLKam: Of course quorum was reached easilyWhat precedent Hyperliquid’s actions setKevin Zhou: Binance and OKX set a precedentTimestamps:👋 🤔 🐳 ⛔ 📈 🤔 ⚖️ 💡 👀 🧹 📰 Learn more about your ad choices. Visit megaphone.fm/adchoices