The crypto world is on edge following Bitget CEO Gracy Chen's warnings about the decentralized exchange Hyperliquid. Could history repeat itself like with FTX?
Why is Bitget CEO Gracy Chen Sounding the Alarm on Hyperliquid?
Bitget CEO Gracy Chen has raised serious concerns about Hyperliquid following the JELLY incident, highlighting the exchange's immature and unprofessional handling of the situation. The incident resulted in user financial losses and raised doubts about the exchange's credibility. Her comparison to FTX's collapse is particularly alarming.
DEX vs. CEX: Are User Funds Really Safer?
DEX platforms like Hyperliquid promise transparency and user control over funds but recent events have put their safety in question. Comparing DEX and CEX reveals that despite decentralization advantages, risks remain, such as smart contract vulnerabilities and insufficient user protection.
The JELLY Incident: What Actually Happened?
The JELLY incident appears to have been caused by a technical issue leading to significant user losses. Chen's criticism points to an immature response from Hyperliquid, raising concerns about transparency and user protection within the DEX.
Gracy Chen's remarks serve as a stark warning for the decentralized exchange sector: user safety must remain a priority. Incidents like JELLY highlight the need to enhance transparency and protection standards in the crypto industry.
