{"id":20215,"date":"2025-03-27T12:30:39","date_gmt":"2025-03-27T12:30:39","guid":{"rendered":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/"},"modified":"2025-03-27T12:30:39","modified_gmt":"2025-03-27T12:30:39","slug":"hyperliquid-could-be-ftx-2-0-bitget-ceo-warns","status":"publish","type":"post","link":"https:\/\/cryptd.in\/de\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/","title":{"rendered":"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns"},"content":{"rendered":"

Gracy Chen has criticized Hyperliquid\u2019s response to an incident on its perpetual exchange, warning that the platform\u2019s actions could result in it becoming the next FTX.<\/p>\n

Her remarks come after the company\u2019s decision to delist JellyJelly (JELLY) perpetual futures contracts.<\/p>\n

Decentralization and Structural Risks<\/h2>\n

On March 26, Hyperliquid angek\u00fcndigt<\/a> that it was removing JELLY\u2019s future contracts from its platform after identifying what it described as \u201cevidence of suspicious market activity.\u201d It also committed to reimbursing affected users. However, the choice was made by a small group of validators, raising concerns about its level of decentralization.<\/p>\n

This prompted the Bitget CEO to get on social media, criticizing<\/a> Hyperliquid\u2019s handling of the situation:<\/p>\n

\n

\u201cDespite presenting itself as an innovative decentralized exchange with a bold vision, Hyperliquid operates more like an offshore CEX with no KYC\/AML, enabling illicit flows and bad actors,\u201d said Chen.<\/p>\n<\/blockquote>\n

Her worries were shared <\/a>by others in the crypto industry, including BitMEX co-founder Arthur Hayes, who called for the community to \u201cstop pretending Hyperliquid is decentralized.\u201d<\/p>\n

The Bitget CEO further called the platform\u2019s actions \u201cunprofessional\u201d and \u201cunethical.\u201d She claimed the company\u2019s mismanagement caused user losses and severely damaged its credibility.<\/p>\n

Chen also pointed to deeper flaws in the exchange\u2019s structural design. She argued that using mixed vaults exposed users to collective risks, meaning the actions of a few traders could impact everyone on the platform.<\/p>\n

Additionally, she warned that the company\u2019s approach set a dangerous precedent. According to her, the integrity of an exchange depends on trust as much as financial stability. Without fixing these issues, she cautioned that Hyperliquid remains vulnerable to further market manipulation.<\/p>\n

JELLY Token Controversy<\/h2>\n

According to blockchain analytics firm Arkham Intelligence, the incident began when a trader attempted to manipulate Hyperliquid\u2019s system to profit from price movements. The trader opened three accounts, with two holding long positions on JELLY worth $2.15 million and $1.9 million, respectively, and the third with a $4.1 million short position to offset the longs.<\/p>\n

Soon after, JELLY\u2019s price surged over 400%, flagging the $4 million short position for liquidation. However, due to its size, the position was not immediately liquidated and was instead transferred to Hyperliquid\u2019s Provider Vault (HLP), which handles large liquidations.<\/p>\n

However, their enrichment scheme hit a snag when Hyperliquid restricted the accounts to reduce-only orders, preventing further withdrawals. This forced the trader to sell tokens from the first account at market prices to recover some funds.<\/p>\n

This was not the first time Hyperliquid has been the target of such manipulation. On March 12, the platform raised margin requirements for traders after its liquidity pool suffered a hit during a large liquidation event where a whale deliberately cashed out<\/a> on a massive $340 million ETH long position, causing the exchange to lose $4 million while trying to unwind the trade. Bybit CEO Ben Zhou described that particular incident as a useful stress test<\/a> for DeFi.<\/p>\n

Der Posten Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns<\/a> erschien zuerst auf KryptoKartoffel<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Gracy Chen has criticized Hyperliquid\u2019s response to an incident on its perpetual exchange, warning that the platform\u2019s actions could result in it becoming the next FTX. Her remarks come after the company\u2019s decision to delist JellyJelly (JELLY) perpetual futures contracts. Decentralization and Structural Risks On March 26, Hyperliquid announced that it was removing JELLY\u2019s future […]<\/p>\n","protected":false},"author":1,"featured_media":20217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-20215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nHyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/de\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Gracy Chen has criticized Hyperliquid\u2019s response to an incident on its perpetual exchange, warning that the platform\u2019s actions could result in it becoming the next FTX. Her remarks come after the company\u2019s decision to delist JellyJelly (JELLY) perpetual futures contracts. Decentralization and Structural Risks On March 26, Hyperliquid announced that it was removing JELLY\u2019s future […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptd.in\/de\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/\" \/>\n<meta property=\"og:site_name\" content=\"cryptd.in\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-27T12:30:39+00:00\" \/>\n<meta name=\"author\" content=\"cryptd.in\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Verfasst von\" \/>\n\t<meta name=\"twitter:data1\" content=\"cryptd.in\" \/>\n\t<meta name=\"twitter:label2\" content=\"Gesch\u00e4tzte Lesezeit\" \/>\n\t<meta name=\"twitter:data2\" content=\"2\u00a0Minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/\"},\"author\":{\"name\":\"cryptd.in\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#\\\/schema\\\/person\\\/7973e8183bc6723b86adfe84d5af0ce4\"},\"headline\":\"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns\",\"datePublished\":\"2025-03-27T12:30:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/\"},\"wordCount\":502,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/Hyperliquid-1-DrunKS.jpeg\",\"articleSection\":[\"Feeds\"],\"inLanguage\":\"de\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/\",\"url\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/\",\"name\":\"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns - cryptd.in\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/Hyperliquid-1-DrunKS.jpeg\",\"datePublished\":\"2025-03-27T12:30:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/#breadcrumb\"},\"inLanguage\":\"de\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/#primaryimage\",\"url\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/Hyperliquid-1-DrunKS.jpeg\",\"contentUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/Hyperliquid-1-DrunKS.jpeg\",\"width\":1201,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/cryptd.in\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#website\",\"url\":\"https:\\\/\\\/cryptd.in\\\/\",\"name\":\"cryptd.in\",\"description\":\"Alternative LinkedIn for Crypto-friendly Talents\",\"publisher\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/cryptd.in\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"de\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#organization\",\"name\":\"cryptd.in\",\"url\":\"https:\\\/\\\/cryptd.in\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/cryptdin_logo.jpg\",\"contentUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/cryptdin_logo.jpg\",\"width\":900,\"height\":900,\"caption\":\"cryptd.in\"},\"image\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#\\\/schema\\\/person\\\/7973e8183bc6723b86adfe84d5af0ce4\",\"name\":\"cryptd.in\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/litespeed\\\/avatar\\\/0b38230b9c4987de71d8ea131b2d0c60.jpg?ver=1776189262\",\"url\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/litespeed\\\/avatar\\\/0b38230b9c4987de71d8ea131b2d0c60.jpg?ver=1776189262\",\"contentUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/litespeed\\\/avatar\\\/0b38230b9c4987de71d8ea131b2d0c60.jpg?ver=1776189262\",\"caption\":\"cryptd.in\"},\"sameAs\":[\"http:\\\/\\\/cryptd.in\"],\"url\":\"https:\\\/\\\/cryptd.in\\\/de\\\/author\\\/cryptd-in\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns - cryptd.in","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptd.in\/de\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/","og_locale":"de_DE","og_type":"article","og_title":"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns - cryptd.in","og_description":"Gracy Chen has criticized Hyperliquid\u2019s response to an incident on its perpetual exchange, warning that the platform\u2019s actions could result in it becoming the next FTX. Her remarks come after the company\u2019s decision to delist JellyJelly (JELLY) perpetual futures contracts. Decentralization and Structural Risks On March 26, Hyperliquid announced that it was removing JELLY\u2019s future […]","og_url":"https:\/\/cryptd.in\/de\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/","og_site_name":"cryptd.in","article_published_time":"2025-03-27T12:30:39+00:00","author":"cryptd.in","twitter_card":"summary_large_image","twitter_misc":{"Verfasst von":"cryptd.in","Gesch\u00e4tzte Lesezeit":"2\u00a0Minuten"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/#article","isPartOf":{"@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/"},"author":{"name":"cryptd.in","@id":"https:\/\/cryptd.in\/#\/schema\/person\/7973e8183bc6723b86adfe84d5af0ce4"},"headline":"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns","datePublished":"2025-03-27T12:30:39+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/"},"wordCount":502,"commentCount":0,"publisher":{"@id":"https:\/\/cryptd.in\/#organization"},"image":{"@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/#primaryimage"},"thumbnailUrl":"https:\/\/cryptd.in\/wp-content\/uploads\/2025\/03\/Hyperliquid-1-DrunKS.jpeg","articleSection":["Feeds"],"inLanguage":"de","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/","url":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/","name":"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns - cryptd.in","isPartOf":{"@id":"https:\/\/cryptd.in\/#website"},"primaryImageOfPage":{"@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/#primaryimage"},"image":{"@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/#primaryimage"},"thumbnailUrl":"https:\/\/cryptd.in\/wp-content\/uploads\/2025\/03\/Hyperliquid-1-DrunKS.jpeg","datePublished":"2025-03-27T12:30:39+00:00","breadcrumb":{"@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/#breadcrumb"},"inLanguage":"de","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/"]}]},{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/#primaryimage","url":"https:\/\/cryptd.in\/wp-content\/uploads\/2025\/03\/Hyperliquid-1-DrunKS.jpeg","contentUrl":"https:\/\/cryptd.in\/wp-content\/uploads\/2025\/03\/Hyperliquid-1-DrunKS.jpeg","width":1201,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/cryptd.in\/hyperliquid-could-be-ftx-2-0-bitget-ceo-warns\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptd.in\/"},{"@type":"ListItem","position":2,"name":"Hyperliquid Could Be \u2018FTX 2.0,\u2019 Bitget CEO Warns"}]},{"@type":"WebSite","@id":"https:\/\/cryptd.in\/#website","url":"https:\/\/cryptd.in\/","name":"kryptd.in","description":"Alternative LinkedIn f\u00fcr kryptofreundliche Talente","publisher":{"@id":"https:\/\/cryptd.in\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cryptd.in\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"de"},{"@type":"Organization","@id":"https:\/\/cryptd.in\/#organization","name":"kryptd.in","url":"https:\/\/cryptd.in\/","logo":{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/cryptd.in\/#\/schema\/logo\/image\/","url":"https:\/\/cryptd.in\/wp-content\/uploads\/2024\/05\/cryptdin_logo.jpg","contentUrl":"https:\/\/cryptd.in\/wp-content\/uploads\/2024\/05\/cryptdin_logo.jpg","width":900,"height":900,"caption":"cryptd.in"},"image":{"@id":"https:\/\/cryptd.in\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/cryptd.in\/#\/schema\/person\/7973e8183bc6723b86adfe84d5af0ce4","name":"kryptd.in","image":{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/cryptd.in\/wp-content\/litespeed\/avatar\/0b38230b9c4987de71d8ea131b2d0c60.jpg?ver=1776189262","url":"https:\/\/cryptd.in\/wp-content\/litespeed\/avatar\/0b38230b9c4987de71d8ea131b2d0c60.jpg?ver=1776189262","contentUrl":"https:\/\/cryptd.in\/wp-content\/litespeed\/avatar\/0b38230b9c4987de71d8ea131b2d0c60.jpg?ver=1776189262","caption":"cryptd.in"},"sameAs":["http:\/\/cryptd.in"],"url":"https:\/\/cryptd.in\/de\/author\/cryptd-in\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/posts\/20215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/comments?post=20215"}],"version-history":[{"count":0,"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/posts\/20215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/media\/20217"}],"wp:attachment":[{"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/media?parent=20215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/categories?post=20215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptd.in\/de\/wp-json\/wp\/v2\/tags?post=20215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}