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Crypto•8 April 2026•

1 min read

Bitget CEO Sparks Controversy by Calling Hyperliquid a 'Fake DEX'

A glowing, wireframe globe with "$2.2 BILLION FTX PAYOUT" text, surrounded by digital financial charts on an orange background, with Bitcoin and Ethereum symbols.

Key Facts

1Gracy Chen, CEO of Bitget, publicly labeled Hyperliquid as a 'fake DEX'.

2The comments triggered a massive wave of controversy and backlash on Crypto Twitter.

Gracy Chen, the CEO of centralized exchange Bitget, has ignited a firestorm within the crypto community after publicly criticizing Hyperliquid. Chen labeled Hyperliquid as a 'fake DEX,' a comment that triggered immediate backlash and heated debate across Crypto Twitter. The criticism highlights the ongoing tension and intensifying competition between established centralized exchanges (CEX) and emerging decentralized perpetual platforms regarding technical architecture. Market analysts suggest that while the event has generated significant social media engagement, it remains primarily a reputational dispute rather than a fundamental market shift. However, the public spat could lead to short-term price volatility for the associated tokens, BGB and HYPE. This incident underscores the growing friction between traditional industry leaders and the new wave of decentralized finance projects.