The post Warning: Bitget CEO Exposes Hyperliquid FTX Threat After JELLY Incident appeared on BitcoinEthereumNews.com.

Is history about to repeat itself in the volatile world of cryptocurrency exchanges? The crypto community is buzzing after Bitget CEO Gracy Chen issued a stark warning about decentralized exchange (DEX) Hyperliquid. Chen publicly stated that Hyperliquid’s handling of a recent incident, known as the JELLY incident, bears an uncanny resemblance to the events leading up to the colossal FTX collapse. Could Hyperliquid be the next domino to fall in the crypto space? Let’s dive into the details of this developing crypto exchange controversy and understand what’s at stake for crypto users. Why is Bitget CEO Gracy Chen Sounding the Alarm on Hyperliquid? The core of the issue stems from what Bitget CEO Gracy Chen describes as Hyperliquid’s “immature, unethical, and unprofessional” response to the JELLY incident. In a series of posts on X (formerly Twitter), Chen didn’t mince words, suggesting that Hyperliquid’s actions not only caused financial losses for users but also severely damaged the exchange’s credibility. This is a significant accusation, especially considering Hyperliquid markets itself as an innovative decentralized exchange. Here’s a breakdown of Chen’s key concerns: Immature Handling of JELLY Incident: Chen criticized Hyperliquid’s approach to resolving the JELLY incident, implying a lack of transparency and user-centric solutions. User Losses: She highlighted that Hyperliquid’s actions resulted in tangible financial losses for users, a critical breach of trust in the crypto exchange environment. Damaged Credibility: According to Chen, the incident has significantly eroded Hyperliquid’s credibility, questioning its reliability and trustworthiness as a DEX platform. FTX 2.0 Potential: The most alarming aspect of Chen’s statement is the direct comparison to FTX, suggesting that the JELLY incident could be a precursor to a larger crisis at Hyperliquid, mirroring the catastrophic downfall of FTX. Chen’s commentary raises serious questions about the operational standards and user protection mechanisms within the decentralized…

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Filed under: News - @ March 27, 2025 3:18 am