市场操纵事件后，超流动性（HYPE）面临较高的审查，涉及果冻令牌

在涉及果冻代币的市场操纵事件之后，高流动性（HYPE）正面临着审查的高度审查。该平台对危机的反应引起了人们对其风险控制机制有效性的担忧。

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.

在涉及果冻代币的市场操纵事件之后，超流动性（HYPE）受到了严格的审查。该平台对危机的反应引起了人们对其风险控制机制有效性的担忧。

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.

现在，一些行业领导人警告说，超流动性可能会走上一条危险的道路，比较与2022年的FTX崩溃相比。集中式交流由于管理不善和缺乏透明性而失败。

Is Hyperliquid Headed for the Same Fate as FTX?

超流动性是否与FTX相同的命运？

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报道说，争议始于交易员执行操纵计划，在促进其链上的价格之前，缺乏果冻令牌。这使该平台的超流动性提供商（HLP）保险库的亏损约为1200万美元。

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.

作为回应，超流利的果冻避免了潜在的2.3亿美元责任。它还以0.0095美元的价格解决了头寸，超出了Oracle价格为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.”

尽管这减轻了损害，但它引发了广泛的批评。加密货币交换位首席执行官Gracy Chen称这一举动“不成熟，不道德和不专业”。

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

她声称：“超流动可能会成为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.

陈指出，最近的事件引起了人们对超流动性完整性的重大关注，用户损失对平台的可靠性产生了怀疑。她还指出，Hyplliquid的举动为用户信任设定了危险的先例。

“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.”

“尽管以大胆的愿景表现为一种创新的分散交流，但Hyperliqu的运作更像是一个没有KYC/AML的离岸CEX，可以使非法流动和不良演员。”

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.

她还批评了Hypliquid的产品设计。陈强调，诸如混合金库之类的缺陷使用户面临系统性的风险，而无限的位置大小可以操纵。首席执行官警告说，如果没有解决这些问题，其他山寨币可能会被武器武器，以防止过度流动性，从而冒着成为加密货币中下一次重大崩溃的风险。

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

有趣的是，在2023年4月，Hyperliquid首席执行官Jeff Yan对Bitget发出了类似的警报。

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

他说：“ Bitget可能是下一个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强调了他对Bitget的运作和道德问题的担忧。他批评了其匹配引擎中的不诚实平台。 Yan声称，Bitget化妆架是订单的书籍交流，同时秘密地使用幕后不同的结构，他认为这是不道德的，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.

超流动的联合创始人详细介绍了据称是如何从零售收藏家流和复制交易中获利的方式，尤其是通过操纵订单。他强调，像Bitget这样的交流不应获得额外的资金，因为加密行业应具有更大的透明度和道德行为。

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

“即使现在更好，道德问题仍然存在。我不会用10英尺的杆子触摸交换，” Yan说。

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.

尽管如此，潮汐现在已经转变了，超级流动是行业批评的主题。链链研究者Zachxbt透露，使用被盗的资金在平台上开设职位，对朝鲜黑客似乎无动于衷。然而，他们在果冻事件中迅速采取行动。

“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.

“当它散发出朝鲜资金（成千上万的受害者）时，他们声称他们无能为力，并及时通知。当它是一个低CAP PVP PVP MEME COIN时，这对夫妇有验证者和巨大的股份受HL Rush的控制，而HL Rush急于确定在这个空间中罕见的最佳位置。

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

Bitmex前首席执行官Arthur Hayes添加了他的声音，批评该平台迅速关闭Jelly，但对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.”

“大肆宣传无法处理果冻。让我们停止假装过度流失是分散的。他们有兴趣保持HLP的偿付能力，并会做任何事情来挽救情况。没有人习惯于在Defi中拥有如此多的POS链，但是它是真的，但它没有兴趣。他们也没有兴趣。不必担心一小群验证者决定将整个链条摇晃以拯救自己的驴子。”

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.

同时，该事件也对炒作产生了负面影响。事件发生后，它遭受了两位数的损失。 Beincrypto数据显示，过去一天，Hype的价值下降了7.8％。发稿时，它的交易价格为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.

不仅价格，总价值锁定（TVL）也受到了打击。根据Defilama的数据，HLP的TVL从周三的2.878亿美元下降了约32.3％，至今天的1.948亿美元。