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The crypto market is acutely feeling the impact of recent scandals, particularly the FTX incident. The damage caused by fraudsters like SBF is not easily forgotten, and experts believe the FTX collapse is unlikely to be the last of its kind. Today’s JELLY situation seems poised to reverberate throughout the sector.
HYPE Coin Plummets
HYPE Coin has seen a nearly 20% drop in price within a single day. This decline was triggered by actions taken by a centralized platform, raising alarm among investors. In response, OKX and Binance have begun listing the trending JELLY Coin on their futures platforms, further unsettling the market.
Hyperliquid whales initiated a short position in JELLYJELLY, witnessing a loss of up to $15 million. Concurrently, they made purchases in the spot market. The listings by OKX and Binance followed this event, raising concerns about the token’s viability. Had the token surged further, Hyperliquid could have faced insolvency.
Bitget’s CEO labeled Hyperliquid as FTX 2.0 due to its handling of the JELLY situation, calling it immature and unethical. He emphasized that such actions jeopardize user trust, which is foundational for any exchange. Once lost, regaining that trust is nearly impossible.
Furthermore, the platform’s product design reveals alarming flaws that expose users to systemic risk. The complexity of vaults and unrestricted position sizes can lead to manipulation. Unless these issues are addressed, Hyperliquid may find itself at risk of becoming the next major failure in the crypto space.
