Summary
- Gracy Chen, CEO of Bitget, criticized HyperLiquid's response to the JELLY incident, raising issues of user losses and platform credibility damage.
- CEO Chen emphasized that the foundation of centralized and decentralized exchanges is trust, and once lost, it is difficult to recover.
- She stated that HyperLiquid's decision to close the JELLY market and forcefully settle could lead to the risk of becoming the second FTX.
Gracy Chen, the CEO of the global virtual asset exchange Bitget, recently publicly criticized HyperLiquid's handling of the 'JELLY incident'.
On the 27th, CEO Chen stated on X, "HyperLiquid's way of handling the JELLY incident is immature, unethical, and lacks professionalism," adding, "This has caused users to incur losses and raised serious questions about the platform's credibility." HyperLiquid recently delisted JELLY in response to market attacks.
CEO Chen reiterated the importance of trust in exchanges. She stated, "The foundation of centralized exchanges (CEX) and decentralized exchanges (DEX) is not capital but 'trust'," emphasizing that "once lost, trust is nearly impossible to recover." She further added, "HyperLiquid's decision to close the JELLY market and forcibly settle positions at a specific price has set a very dangerous precedent," warning that "HyperLiquid could become the second FTX."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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