Odaily Planet Daily News Bitget CEO Gracy Chen publicly criticized Hyperliquid's handling of the JELLY incident, pointing out that the platform: forced liquidation operations are suspected of price manipulation; the mixed capital pool design has systemic risks; the failure to implement KYC/AML has caused money laundering concerns.
Chen warned that if the platform does not solve product design flaws and trust crises, it may become the "next FTX". The dispute stems from Hyperliquid's previous operation of closing the JELLY trading pair and forcing liquidation at a specific price.