There is still a gap between the decentralized ideal and reality, and behind more efficient transactions is a bloody game. Late at night on March 26, the decentralized trading platform Hyperliquid's vault faced liquidation risks of up to $240 million due to the price manipulation of memecoin $JELLYJELLY. Attackers make money through price manipulation, CEX launched popular tokens to attract users and traffic, indirectly hitting the security and reputation of its competitor DEX. Hyperliquid quickly took action to remove the $JELLYJELLY perpetual contract, causing no actual loss to the vault, but raised questions about the transparency of platform governance and community engagement. Attackers, Hyperliquid and CEX have different motivations in this game and form a complex network of interests.