Hyperliquid’s handling of the JELLY token incident has drawn sharp criticism from Gracy Chen, the chief executive officer of Bitget.

After Hyperliquid (HYPE) removed JELLY amid an estimated $10.6 million loss and a looming liquidation threat to its treasury, Chen labeled the decentralized exchange’s actions as “immature, unethical, and unprofessional.”

Hyperliquid delisted the token with a promise to compensate impacted users. However, Chen argued that the losses and how the situation was handled raise questions about the exchange’s integrity. She criticized the team for operating the DEX “like an offshore centralized exchange with no know-your-customer or anti-money-laundering checks.”

The Bitget chief executive pointed this out in a post on X, noting:

“Despite presenting itself …