Bitget CEO Gracy Chen publicly criticized Hyperliquid's handling in the JELLY incident, pointing out that the platform: forced position squaring operation is suspected of price manipulation; hybrid fund pool design is systemically risky; failure to implement KYC/AML raises money laundering concerns. Chen warned that the platform could become "the next FTX" if it did not address product design flaws and a crisis of confidence, in a dispute that stems from Hyperliquid's previous practice of shutting down JELLY pairs and forcing squaring at specific price positions.