Bitget CEO questions Hyperliquid’s risk control mechanism, warns it may become the next FTX

Odaily News Bitget CEO Gracy Chen publicly criticized Hyperliquid's handling of the JELLY incident, pointing out that the platform: forced liquidation operations were suspected of price manipulation; the mixed fund pool design posed systemic risks; and the failure to implement KYC/AML raised concerns about money laundering.
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 closure of the JELLY trading pair and forced liquidation at a specific price.