Is Hyperliquid the next FTX? JELLY drama sets off Bitget chief executive officer alerting

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Bitget’s CEO has provided an alerting regarding the possible risks at Hyperliquid after a major event entailing the JELLY token.
Hyperliquid runs the gauntlet for its handling of the JELLY incident, with issues concerning its operational framework and user security.

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Bitget’s chief executive officer, Gracy Chen, warned today about potential dangers at crypto trading system Hyperliquid following questionable handling of the JELLY token occurrence.

#Hyperliquid might get on track to come to be #FTX 2.0.

The means it dealt with the $JELLY incident was immature, dishonest, and unprofessional, setting off customer losses and casting severe questions over its stability. Despite presenting itself as an ingenious decentralized exchange with a.

— Gracy Chen @Bitget (@GracyBitget) March 26, 2025

The platform encountered turmoil after an investor opened up and intentionally self-liquidated a $ 6 million brief placement on JellyJelly, compeling Hyperliquid to soak up significant losses.

The token’s market cap rose from about $ 10 million to over $ 50 million in under an hour as a result of the required capture.

The CEO criticized Hyperliquid’s functional structure, stating:

“Despite presenting itself as a cutting-edge decentralized exchange with a bold vision, Hyperliquid operates more like an offshore CEX without KYC/AML, making it possible for illegal circulations and bad actors.”

The Bitget CEO highlighted architectural worries regarding Hyperliquid’s system, including “mixed vaults that reveal individuals to systemic risk, and unrestricted setting sizes that unlock to adjustment.”

Binance announced strategies to listing JELLY continuous futures amidst the dispute, which some individuals interpreted as a move to target Hyperliquid’s placement.

BREAKING

Binance will certainly use perps listing for $JELLY

They’ve stated war versus Hyperliquid pic.twitter.com/zjJKGxHD 6 f

— Abhi (@ 0xAbhiP) March 26, 2025

The token has actually climbed 62 % in the previous 24 hours, while Hyperliquid’s HYPE token has actually dropped 14 4 %, according to CoinGecko information.

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