Bitget CEO questions Hyperliquid risk control mechanism, warns it could become the next FTX

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.