在处理果冻代币市场之后，Hypliquid Dex面临审查，引起了行业领导者的担忧

Bitget首席执行官Gracy Chen将Hyproliqu与现已灭绝的Exchange FTX进行了比较，此前，Hyperliquid对涉及果冻代币的异常活动的反应导致了1,060万美元的损失。

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.

在处理果冻代币市场之后，分散的交换超流动性正在面临审查，这引起了行业领导者的担忧。 Bitget首席执行官Gracy Chen将平台与现已倒闭的Exchange FTX进行了比较。

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.

令牌和强迫定居的公开立场的推荐使加密货币社区产生了敏锐的反应。在最近的X帖子中，Chen警告说，超流动性可能遵循与FTX相似的轨迹。

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.

陈表示平台决定停止果冻代币的交易并强行解决公开交易的震惊。据她说，这一行动造成了不公平的成果，偏爱一些交易者，同时造成其他交易损失。

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首席执行官将超流动性的行为标记为不成熟和不道德。强迫关闭之后，果冻价格在一小时内飙升了230％。在此期间，耗资了500万美元的短职位，引起了人们对市场操纵的担忧。

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

这种情况使超流动的财政部面临进一步的风险，据报道，潜在的接近2.4亿美元。

“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补充说：“除非解决这些问题，否则可能会将更多的山寨币武器武器化，以防止过度流动性 - 冒着成为加密中下一个灾难性失败的风险。”

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.

最近的一份报告强调，由于基于Solana的Memecoin Jelly激增，超流利保险库有多么有可能损失其全部2.3亿美元基金的风险。该平台在短暂的挤压中继承了一个短位置，现在随着代币的价格继续攀升，现在面临着越来越大的压力。

Concerns Over Compliance and Risk Structure

对合规性和风险结构的关注

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首席执行官进一步批评了Hyperliquid缺乏标准合规性实践。她指出缺乏知识客户（KYC）和反洗钱（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.

陈表示，尽管将自己作为一个分散的平台表现出来，但与离岸集中式交易所的运作相似。这种监管差距可能使非法资金可以通过未被发现的平台移动。

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首席执行官亚瑟·海斯（Arthur Hayes）也提出了这些担忧，他强调了超级流动性成为犯罪活动的潜在的潜力。

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

Chen还警告说，如果不受组织选中，该模型可能会导致造成FTX崩溃的相同脆弱性。

Mixed Vaults and Position Sizes Raise Risk

混合的金库和位置尺寸增加了风险

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首席执行官通过平台的产品设计强调了结构性关注。她指出，使用混合保险库将用户暴露于共同的风险。

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.

根据陈的说法，这可以使一些交易者的行动能够影响平台上的所有用户。果冻代币的增长急剧上升，但该平台的验证器套件采取了紧急行动。

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.

该平台将可疑的市场活动视为将令牌授予的原因。但是，以特定价格解决交易的决定导致受影响的交易者的反对。

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首席执行官将定居方法描述为危险的先例。她强调，信任，不仅是资本，对于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.

陈没有解决这些漏洞，警告说，超流动可能会面临受操纵市场的进一步威胁。