在處理果凍代幣市場之後，Hypliquid Dex面臨審查，引起了行業領導者的擔憂

Bitget首席執行官Gracy Chen將Hyproliqu與現已滅絕的Exchange FTX進行了比較，此前，Hyperliquid對涉及果凍代幣的異常活動的反應導致了1,060萬美元的損失。

Decentralized exchange Hyperliquid is facing scrutiny following its handling of the JELLY token market, raising concerns from industry leaders. Bitget CEO Gracy Chen compared the platform to the now-defunct exchange FTX after Hyperliquid’s response to unusual activity with the token resulted in an estimated $10.6 million loss.

在處理果凍代幣市場之後，分散的交換超流動性正在面臨審查，這引起了行業領導者的擔憂。 Bitget首席執行官Gracy Chen將平台與現已倒閉的Exchange FTX進行了比較。

The delisting of the token and forced settlement of open positions drew sharp reactions from the crypto community. In a recent X post, Chen warned that Hyperliquid could follow a similar trajectory to FTX.

令牌和強迫定居的公開立場的推薦使加密貨幣社區產生了敏銳的反應。在最近的X帖子中，Chen警告說，超流動性可能遵循與FTX相似的軌跡。

Chen expressed alarm over the platform’s decision to halt the trading of the JELLY token and to forcefully settle open trades. According to her, this action created unfair outcomes, favoring some traders while causing losses to others.

陳表示平台決定停止果凍代幣的交易並強行解決公開交易的震驚。據她說，這一行動造成了不公平的成果，偏愛一些交易者，同時造成其他交易損失。

The Bitget CEO labeled Hyperliquid’s actions as immature and unethical. The forced closure followed a 230% spike in JELLY price within one hour. A $5 million short position was liquidated during this time, raising concerns about market manipulation.

Bitget首席執行官將超流動性的行為標記為不成熟和不道德。強迫關閉之後，果凍價格在一小時內飆升了230％。在此期間，耗資了500萬美元的短職位，引起了人們對市場操縱的擔憂。

The situation placed Hyperliquid’s treasury at further risk, with potential exposure reportedly nearing $240 million.

這種情況使超流動的財政部面臨進一步的風險，據報導，潛在的接近2.4億美元。

“Unless these issues are addressed, more altcoins may be weaponized against Hyperliquid—putting it at risk of becoming the next catastrophic failure in crypto,” Chen added.

Chen補充說：“除非解決這些問題，否則可能會將更多的山寨幣武器武器化，以防止過度流動性 - 冒著成為加密中下一個災難性失敗的風險。”

A recent report highlighted how Hyperliquid Vault is at risk of losing its entire $230 million fund due to a surge in the Solana-based memecoin JELLY. The platform inherited a short position amid a short squeeze and now faces mounting pressure as the token’s price continues to climb.

最近的一份報告強調，由於基於Solana的Memecoin Jelly激增，超流利保險庫有多麼有可能損失其全部2.3億美元基金的風險。該平台在短暫的擠壓中繼承了一個短位置，現在隨著代幣的價格繼續攀升，現在面臨著越來越大的壓力。

Concerns Over Compliance and Risk Structure

對合規性和風險結構的關注

The Bitget CEO further criticized Hyperliquid’s lack of standard compliance practices. She pointed out the absence of Know-Your-Customer (KYC) and Anti-Money Laundering (AML) measures.

BITGET首席執行官進一步批評了Hyperliquid缺乏標準合規性實踐。她指出缺乏知識客戶（KYC）和反洗錢（AML）措施。

Chen stated that Hyperliquid, despite presenting itself as a decentralized platform, operated similarly to an offshore centralized exchange. This regulatory gap may allow illicit funds to move through the platform undetected.

陳表示，儘管將自己作為一個分散的平台表現出來，但與離岸集中式交易所的運作相似。這種監管差距可能使非法資金可以通過未被發現的平台移動。

These concerns were also raised by former BitMEX CEO Arthur Hayes, who highlighted the potential for Hyperliquid to become a hotbed for criminal activity.

前Bitmex首席執行官亞瑟·海斯（Arthur Hayes）也提出了這些擔憂，他強調了超級流動性成為犯罪活動的潛在的潛力。

Chen also warned that if left unchecked, the model could lead to the same vulnerabilities that contributed to the collapse of FTX.

Chen還警告說，如果不受組織選中，該模型可能會導致造成FTX崩潰的相同脆弱性。

Mixed Vaults and Position Sizes Raise Risk

混合的金庫和位置尺寸增加了風險

The Bitget CEO highlighted structural concerns with the platform’s product design. She noted that the use of mixed vaults exposed users to shared risks.

BITGET首席執行官通過平台的產品設計強調了結構性關注。她指出，使用混合保險庫將用戶暴露於共同的風險。

According to Chen, this could allow the actions of a few traders to affect all users on the platform. The JELLY token’s saw a sharp rise, but the platform’s validator set took emergency action.

根據陳的說法，這可以使一些交易者的行動能夠影響平台上的所有用戶。果凍代幣的增長急劇上升，但該平台的驗證器套件採取了緊急行動。

The platform cited suspicious market activity as the reason for delisting the token. However, the decision to settle trades at a specific price led to a backlash from affected traders.

該平台將可疑的市場活動視為將令牌授予的原因。但是，以特定價格解決交易的決定導致受影響的交易者的反對。

The Bitget CEO described the settlement approach as a dangerous precedent. She stressed that trust, not just capital, is essential for the success of any exchange.

BITGET首席執行官將定居方法描述為危險的先例。她強調，信任，不僅是資本，對於任何交流的成功都是必不可少的。

Without addressing these vulnerabilities, Chen warned that Hyperliquid could face further threats from manipulated markets.

陳沒有解決這些漏洞，警告說，超流動可能會面臨受操縱市場的進一步威脅。