The blockchain network’s freezing of JELLY perpetual futures highlighted concerns about the network’s perceived centralization.
Gracy Chen, CEO of cryptocurrency exchange Bitget, criticized Hyperliquid’s handling of a March 26 incident on its perpetual exchange, saying it put the network at risk of becoming “FTX 2.0.”
On March 26, Hyperliquid, a blockchain network specializing in trading, said it delisted perpetual futures contracts for the JELLY token and would reimburse users after identifying “evidence of suspicious market activity” tied to the instruments.
The decision, which was reached by consensus among Hyperliquid’s relatively small number of validators, flagged existing concerns about the popular network’s perceived centralization.
