市場操縱事件後，超流動性（HYPE）面臨較高的審查，涉及果凍令牌

在涉及果凍代幣的市場操縱事件之後，高流動性（HYPE）正面臨著審查的高度審查。該平台對危機的反應引起了人們對其風險控制機制有效性的擔憂。

Hyperliquid (HYPE) has come under heightened scrutiny following a market manipulation incident involving the JELLY token. The platform’s response to the crisis has raised concerns about the effectiveness of its risk control mechanisms.

在涉及果凍代幣的市場操縱事件之後，超流動性（HYPE）受到了嚴格的審查。該平台對危機的反應引起了人們對其風險控制機制有效性的擔憂。

Some industry leaders are now warning that Hyperliquid may be heading down a dangerous path, with comparisons being drawn to the collapse of FTX in 2022. The centralized exchange failed due to mismanagement and a lack of transparency.

現在，一些行業領導人警告說，超流動性可能正在走上危險的道路，比較與2022年的FTX崩潰相比。集中式交流由於管理不善和缺乏透明性而失敗。

Is Hyperliquid Headed for the Same Fate as FTX?

超流動性是否與FTX相同的命運？

BeInCrypto reported that the controversy began when a trader carried out a manipulation scheme, going short on the JELLY token before pumping its price on-chain. This left the platform’s Hyperliquidity Provider (HLP) vault with an approximate $12 million loss.

Beincrypto報導說，爭議始於交易員執行操縱計劃，在促進其鏈上的價格之前，缺乏果凍令牌。這使該平台的超流動性提供商（HLP）保險庫的虧損約為1200萬美元。

In response, Hyperliquid delisted JELLY to avoid a potential $230 million liability. It also settled positions at $0.0095, overriding the oracle price of $0.50.

作為回應，超流利的果凍避免了潛在的2.3億美元責任。它還以0.0095美元的價格解決了頭寸，超出了Oracle價格為0.50美元。

While this mitigated the damage, it triggered widespread criticism. Gracy Chen, CEO of cryptocurrency exchange Bitget, called the move “immature, unethical, and unprofessional.”

儘管這減輕了損害，但它引發了廣泛的批評。加密貨幣交換位首席執行官Gracy Chen稱這一舉動“不成熟，不道德和不專業”。

“Hyperliquid may be on track to become FTX 2.0,” she claimed.

她聲稱：“超流動可能會成為FTX 2.0。”

Chen highlighted that the recent incident has raised significant concerns about Hyperliquid’s integrity, with user losses casting doubt on the platform’s reliability. She also noted that Hyperliquid’s move sets a dangerous precedent for user trust.

陳指出，最近的事件引起了人們對超流動性完整性的重大關注，用戶損失對平台的可靠性產生了懷疑。她還指出，Hyplliquid的舉動為用戶信任設定了危險的先例。

“Despite presenting itself as an innovative decentralized exchange with a bold vision, Hyperliquid operates more like an offshore CEX with no KYC/AML, enabling illicit flows and bad actors.”

“儘管以大膽的願景表現為一種創新的分散交流，但Hyperliqu的運作更像是一個沒有KYC/AML的離岸CEX，可以使非法流動和不良演員。”

She also criticized Hyperliquid’s product design. Chen stressed that flaws like mixed vaults expose users to systemic risk, and unlimited position sizes enable manipulation. If these issues aren’t addressed, the CEO warned, other altcoins could be weaponized against Hyperliquid, putting it at risk of becoming the next major collapse in crypto.

她還批評了Hypliquid的產品設計。陳強調，諸如混合金庫之類的缺陷使用戶面臨系統性的風險，而無限的位置大小可以操縱。首席執行官警告說，如果沒有解決這些問題，其他山寨幣可能會被武器武器，以防止過度流動性，從而冒著成為加密貨幣中下一次重大崩潰的風險。

Interestingly, in April 2023, Hyperliquid CEO Jeff Yan raised similar alarms about Bitget.

有趣的是，在2023年4月，Hyperliquid首席執行官Jeff Yan對Bitget發出了類似的警報。

“Bitget may be the next FTX,” he posted.

他說：“ Bitget可能是下一個FTX。”

In a series of tweets, Yan highlighted his concerns about Bitget’s operations and ethical issues. He criticized the platform for dishonesty in its matching engine. Yan claimed that Bitget masquerades as an order book exchange while secretly using a different structure behind the scenes, which he believed is unethical and possibly illegal.

在一系列推文中，Yan強調了他對Bitget的運作和道德問題的擔憂。他批評了其匹配引擎中的不誠實平台。 Yan聲稱，Bitget化妝架是訂單的書籍交流，同時秘密地使用幕後不同的結構，他認為這是不道德的，可能是非法的。

The Hyperliquid co-founder detailed how Bitget allegedly profited from retail taker flow and copy trading, particularly by manipulating orders. He stressed that exchanges like Bitget should not receive additional funding, as the crypto industry deserves more transparency and ethical behavior.

超流動的聯合創始人詳細介紹了據稱是如何從零售收藏家流和復制交易中獲利的方式，尤其是通過操縱訂單。他強調，像Bitget這樣的交流不應獲得額外的資金，因為加密行業應具有更大的透明度和道德行為。

“Even if it’s better now, the ethical concerns still stand. I wouldn’t touch the exchange with a 10 foot pole,” Yan remarked.

“即使現在更好，道德問題仍然存在。我不會用10英尺的桿子觸摸交換，” Yan說。

Nonetheless, the tides have now turned, with Hyperliquid being the subject of industry criticism. On-chain investigator ZachXBT revealed that Hyperliquid appeared indifferent to North Korean hackers using stolen funds to open positions on the platform. Yet, they acted swiftly in the JELLY incident.

儘管如此，潮汐現在已經轉變了，超級流動是行業批評的主題。鍊鍊研究者Zachxbt透露，使用被盜的資金在平台上開設職位，對朝鮮黑客似乎無動於衷。然而，他們在果凍事件中迅速採取行動。

“When it’s Radiant hack with DPRK funds (thousands of victims) they claim they can’t do anything and were notified in a timely manner. When it’s a low cap PVP meme coin the couple of validators and huge % of stake is controlled by HL rush to decide what the best price to close positions at is arbitrary . Actual decentralization is still rare in this space,” he wrote.

“當它散發出朝鮮資金（成千上萬的受害者）時，他們聲稱他們無能為力，並及時通知。當它是一個低CAP PVP PVP MEME COIN時，這對夫婦有驗證者和巨大的股份受HL Rush的控制，而HL Rush急於確定在這個空間中罕見的最佳位置。

Former BitMEX CEO Arthur Hayes added his voice, criticizing the platform for quickly shutting down JELLY but remaining silent on the Radiant hack.

Bitmex前首席執行官Arthur Hayes添加了他的聲音，批評該平台迅速關閉Jelly，但對Radiant Hack保持沉默。

“HYPE can’t handle the JELLY. Let’s stop pretending hyperliquid is decentralized. They have an interest in maintaining the solvency of their HLP and will do anything to salvage the situation. No one is used to a PoS chain having so much power in DeFi but it’s true. They also have no interest in being a multi-chain future. It’s forever ATOM and AVAX for them. Good luck to HYPE and HLP going forward but I’ll be sticking with PoW where at least there’s no fear of a small group of validators deciding to rugpull the whole chain to save their own asses.”

“大肆宣傳無法處理果凍。讓我們停止假裝過度流失是分散的。他們有興趣保持HLP的償付能力，並會做任何事情來挽救情況。沒有人習慣於在Defi中擁有如此多的POS鏈，但是它是真的，但它沒有興趣。他們也沒有興趣。不必擔心一小群驗證者決定將整個鏈條搖晃以拯救自己的驢子。”

Meanwhile, the incident has also had a negative impact on HYPE. It experienced double-digit losses after the incident. BeInCrypto data showed that HYPE’s value declined 7.8% over the past day. At press time, it was trading at $14.4.

同時，該事件也對炒作產生了負面影響。事件發生後，它遭受了兩位數的損失。 Beincrypto數據顯示，過去一天，Hype的價值下降了7.8％。發稿時，它的交易價格為14.4美元。

Not only the price, but the Total Value Locked (TVL) has also taken a hit. According to the data from DefiLama, HLP’s TVL dropped by approximately 32.3% from $287.8 million on Wednesday to $194.8 million today.

不僅價格，總價值鎖定（TVL）也受到了打擊。根據Defilama的數據，HLP的TVL從周三的2.878億美元下降了約32.3％，至今天的1.948億美元。