Crypto Chaos! 🤯

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Gracy Chen, the big boss lady at Bitget, isn’t happy with Hyperliquid’s handling of a bit of a pickle 🥒 involving the JELLY token.

You see, on March 26th, Hyperliquid, this blockchain whizzkid that likes to think it’s all decentralized and whatnot, decided to yank the rug out from under the JELLY token perpetual futures. They said they found some suspicious goings-on, like a bunch of dodgy market activity. Oof! 🙈

Now, here’s the kicker: Hyperliquid’s got a teeny tiny validator crew, like a select club of four. So, when they make a decision, it’s kinda like a small village deciding on the town rules – not exactly the most democratic, is it? 🤨

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Chen, the ever-so-diplomatic CEO, wasn’t exactly throwing confetti. She said Hyperliquid is more like a dodgy offshore exchange than the decentralized dream they’re peddling. She even went so far as to say they’re on a slippery slope to becoming “FTX 2.0,” which, let’s face it, is not exactly a good look. 😬

Chen wasn’t accusing Hyperliquid of any outright crimes, but she was pretty clear they messed up big time.

She said their decision to shut down the JELLY market and force traders to settle at a price that was, let’s say, “favorable” set a dangerous precedent. She’s all about trust, people! Trust, not some flashy tech or fancy promises.

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And once trust goes out the window? Well, it’s like a magic trick – gone forever! 🪄

The whole JELLY saga is a bit of a doozy. This token popped up in January, dreamed up by the co-founder of Venmo, no less. It was all the rage, reaching almost $250 million in value before crashing back down to earth. But then, Binance, the crypto kingpin, got involved, and JELLY’s value skyrocketed again. But then, bam! Hyperliquid’s meltdown.

Now, Hyperliquid’s had some other hiccups lately too, like a whale who decided to intentionally crash a big ETH position, causing quite a stir. They’ve been trying to clean up their act, but this whole JELLY thing just adds another layer of drama to their story.

Let’s just say, the future of Hyperliquid is looking a bit wobbly right now. Will they bounce back? Or are they destined to become the next cautionary tale in the wild world of crypto? 🙀 Stay tuned!

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2025-03-26 23:47