When Crypto Chaos Meets Classic Drama: Exchanges Play Puppet Masters 🎭🔥

On a chilly April morning, Bitget, a cryptocurrency bazaar much like an old market square where rumors fly faster than coins change hands, detected something amiss in the VOXEL/USDT futures. Between 8:00 and 8:30 UST, a brief half-hour — the blink of an eye that can unseat fortunes — whispers of “abnormal trading activity” stirred the traders’ souls and froze some accounts in their tracks. Suspicion, that old friend of drama, crept in: manipulation!

The exchange announced with all the solemnity of a village elder that those caught in the tangled web of deceit would have their gains rolled back within a day—their ill-gotten profits clawed back as if by a relentless black cat of justice. One wonders, as with any great Russian tragedy, if the players knew they were mere marionettes.

Gracy Chen, the CEO, appeared on the village square to assure us, with a smile as careful as a tightrope walked by a nervous acrobat, that the trades were mere duels between individuals, not a match fixed by the house itself. “Fear not,” she said kindly, “your gold remains safe in the vaults, untouched by this tempest.”

Bitget CEO Gracy Chen

Like a benevolent landlord, Bitget now promises to mend the wounds of those burned by this sudden storm—compensation, that magic word, hangs in the air. Chen assured that a $300 million protect-the-peasants fund stands ready, a veritable haystack behind which the user’s assets hide safely. Rest easy, dear traders, the show must go on!

“Should there be any pitiful losses that linger, Bitget will offer compensation. Our treasure chest is deep, and user fortunes shall not perish,” proclaimed the lady of the house, Gracy Chen.

Yet, the certain scent of unease spreads among the crowd. Questions gnaw like mice on the trust between market and man: What duties do these cyber bazaars hold when the unseen hand tilts the scales? Traders whisper uneasily, drawing eerie parallels to the infamous Hyperliquid-Jelly fiasco, a scandal of a prior season, no less dramatic.

Déjà vu? The Jelly Fiasco Revisited

Recall the tale from March 26 — a cunning trader weaponized the Jelly-my-Jelly (JELLY) memecoin price for a spectacular pump, upwards of 400%, then promptly went short in equal measure. A financial ballet? More a clumsy jig that led to the liquidation of short positions so colossal, they tumbled into the vaults of the Hyperliquidity Provider.

Hyperliquid scandal

The fallout was swift and merciless. Hyperliquid, like a headmaster punishing a class clown, banned JELLY perpetual contracts, a decision that sparked the wrath and ridicule of crypto denizens. And there stood Gracy Chen, trumpet in hand, condemning the act as a dangerous precedent that could shake the very foundation of trust — a word perhaps longer forgotten than any market crash itself.

“Capital? Merely coin. Trust, however, is the fragile marrow of every exchange,” she penned on the digital grapevine, a reminder that beneath the flashing numbers and sleek screens, human temperaments and foibles still dictate the dance.

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2025-04-20 21:29