PANews reported on March 27 that Bitget CEO Gracy Chen questioned Hyperliquid’s handling of the $JELLY incident, and pointed out that the platform’s lack of forced liquidation mechanism, fund pool management and KYC/AML regulations may cause serious market risks.

Gracy emphasized that trust is the cornerstone of the exchange, whether it is CEX or DEX. Once lost, it is difficult to recover. Hyperliquid's closure of the $JELLY trading pair and forced liquidation at a specific price has caused market concerns about the fairness of its trading mechanism. If the platform does not solve the product design flaws and trust crisis, 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.