Gracy Chen has criticized Hyperliquid’s response to an incident on its perpetual exchange, warning that the platform’s actions could result in it becoming the next FTX.
Her remarks come after the company’s decision to delist JellyJelly (JELLY) perpetual futures contracts.
Decentralization and Structural Risks
On March 26, Hyperliquid announced that it was removing JELLY’s future contracts from its platform after identifying what it described as “evidence of suspicious market activity.” 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.
This prompted the Bitget CEO to get on social media, criticizing Hyperliquid’s handling of the situation:
“Despite 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,” said Chen.
Her worries were
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