Hyperliquid: The Next FTX? You Won’t Believe What Happened! 😱

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In the grand theatre of cryptocurrency, where fortunes are made and lost faster than you can say “pump and dump,” we find ourselves in the midst of a rather sticky situation involving Hyperliquid and its recent escapade with the JELLY token. It appears that our dear friend Gracy Chen, the CEO of Bitget, has taken it upon herself to sound the alarm bells, declaring that Hyperliquid is on a fast track to becoming FTX 2.0. 🎭

In a recent post on the social media platform X (formerly known as Twitter, but who’s keeping track?), Chen unleashed a tirade that would make even the most seasoned critic blush. She described Hyperliquid’s handling of the JELLY debacle as “immature, unethical, and unprofessional,” which, if we’re being honest, is a bit like calling a bull in a china shop “a tad clumsy.” The fallout? Innocent users left nursing their wounds while the integrity of Hyperliquid hangs in the balance like a poorly tied bowtie at a wedding. 🎩

#Hyperliquid may be on track to become #FTX 2.0.

The way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and casting serious doubts over its integrity. Despite presenting itself as an innovative decentralized exchange with a…

— Gracy Chen @Bitget (@GracyBitget) March 26, 2025

The plot thickens, dear reader! It all began when a trader, perhaps feeling a bit too adventurous, decided to open a $6 million short position on Hyperliquid with the lowly JELLY token, which at the time had a market cap that could barely buy a decent cup of coffee. In a move that would make even the most seasoned con artist nod in approval, this trader manipulated the market like a puppeteer with a particularly mischievous marionette, pumping JELLY’s price and liquidating his own short position, leaving Hyperliquid to pick up the tab of over $12 million. Talk about a financial faux pas! 💸

As if that weren’t enough, the forced squeeze sent JELLY’s market cap soaring from a humble $10 million to a staggering $50 million in less time than it takes to brew a cup of tea. Analysts, with their crystal balls and furrowed brows, warned that if the cap reached $150 million, Hyperliquid might just find itself in a pickle of epic proportions. In a panic, the exchange decided to delist JELLY, which only served to raise more eyebrows than a particularly scandalous gossip column. 📰

While Hyperliquid defends its decision with the fervor of a knight in shining armor, claiming that the delisting was a necessary evil due to extreme market manipulation, traders are left scratching their heads and questioning whether this platform can truly operate with any semblance of fairness. After all, it’s hard to trust a ship that’s already sprung a leak! 🚢

“Despite presenting itself as an innovative decentralized exchange with a bold vision,” Chen quipped, “Hyperliquid operates more like an offshore CEX with no KYC/AML, enabling illicit flows and bad actors.” One can only imagine the raised eyebrows in the boardroom as she continued, “Unless these issues are addressed, more altcoins may be weaponized against Hyperliquid, putting it at risk of becoming the next catastrophic failure in crypto.” And there you have it, folks! A recipe for disaster served with a side of sarcasm. 🍽️

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2025-03-26 22:15