Is It the Next FTX in the Making?

The decentralized trading platform Hyperliquid was the victim of a sophisticated short squeeze attack. As a result, the project lost millions. Source: BTC-ECHO BTC-ECHO

Bitget CEO criticizes Hyperliquid’s response to JELLY token incident

Bitget’s CEO, Gracy Chen, has condemned Hyperliquid for how it addressed concerns over a suspicious event involving the JELLY token.   Suspicions about the blockchain network’s centralization grew after Hyperliquid froze JELLY perpetual futures.   On March 26, Hyperliquid responded to an incident on its perpetual exchange by delisting JELLY token perpetual futures and refunding users after […] The post Bitget CEO criticizes Hyperliquid’s respons…

Hyperliquid Could Be ‘FTX 2.0,’ Bitget CEO Warns

Gracy Chen has criticized Hyperliquid’s response to an incident on its perpetual exchange, warning that the platform’s actions could result in it becoming the next FTX. Her remarks come after the company’s decision to delist JellyJelly (JELLY) perpetual futures contracts. Decentralization and Structural Risks On March 26, Hyperliquid announced that it was removing JELLY’s future contracts from its platform after identifying what it described as …

Is It the Next FTX in the Making?

The post Is It the Next FTX in the Making? appeared on BitcoinEthereumNews.com. Hyperliquid (HYPE) is facing heightened scrutiny after a market manipulation incident involving the JELLY token. The platform’s response to the crisis has raised concerns about the effectiveness of its risk control mechanisms. Some industry leaders are warning that Hyperliquid may be heading down a dangerous path, with comparisons being drawn to the collapse of FTX i…

Bitget CEO Warns Hyperliquid Could Be the Next FTX

An unusual trading event involving the JELLY token on March 26 has led to criticism of the blockchain trading platform Hyperliquid, with Bitget CEO Gracy Chen raising concerns about how the situation was handled.

Bitget CEO Blasts Hyperliquid’s Handling of Exploit: “May Be On Track to Become FTX 2.0” - Bitcoinsensus

Gracy Chen criticized Hyperliquid for “immature, unethical, unprofessional” handling of the $JELLY exploit, alleging trust was compromised and its actions set a dangerous precedent Chen claimed Hyperliquid’s lack of KYC/AML protocols, mixed vaults, and unrestricted position sizes facilitate systemic risks and manipulation, warning of potential further altcoin attacks The crypto community mostly disagreed with Chen’s comments, defending Hyperliqu…