If you’ve been scrolling through X lately, you might have stumbled upon a tweet from @bunjil that’s sparking some serious conversation. Posted on July 29, 2025, at 15:22 UTC, the tweet boldly claims, “there is no difference between hyperliquid and FTX,” accompanied by a striking image of a shadowy figure in a hat, cigarette in hand. The caption ends with a provocative note: “most would not be honest enough to admit this.” This post has already racked up replies, with users like @0xGalvanize and @8bitpenis weighing in, calling it both “retarded yet genius” and a “bold call.” So, what’s behind this cryptic comparison, and why should blockchain enthusiasts care? Let’s break it down.

The Tweet’s Visual Clue

The image attached to the tweet is no random pick. It depicts a contemplative figure shrouded in darkness, with smoke curling around them—evoking a sense of mystery or secrecy. For a crypto audience, this could hint at the hidden risks or opaque practices some associate with trading platforms. It sets the tone for a deeper dive into the tweet’s message about Hyperliquid and FTX, two names that carry weight in the crypto world.

What Are Hyperliquid and FTX?

To understand the comparison, let’s start with the basics. FTX was once a giant in the cryptocurrency exchange space, known for its massive trading volume and innovative futures trading. However, its 2022 collapse due to mismanagement and a liquidity crisis left a scar on the industry, shaking trust in centralized exchanges. Hyperliquid, on the other hand, is a newer player—a decentralized exchange (DEX) built on its own Layer-1 blockchain. It promises low fees, fast transactions, and perpetual derivatives trading, stepping into the gap left by FTX’s downfall.

The tweet suggests a similarity between the two, which might raise eyebrows. After all, one is a cautionary tale of centralization gone wrong, while the other markets itself as a decentralized alternative. But @bunjil’s point seems to challenge the surface-level differences, hinting at underlying issues like transparency or trust.

Digging Into the Controversy

The replies to the tweet offer some clues. @0xGalvanize notes that “transparency and trust are everything,” referencing how fragile these elements can be—a clear nod to FTX’s downfall. @8bitpenis calls it a “genius” take, suggesting the comparison might hit a nerve or reveal a truth many avoid. Could it be that Hyperliquid, despite its decentralized branding, shares some of the same vulnerabilities as FTX? For instance, some critics have pointed out Hyperliquid’s relatively centralized structure compared to giants like Ethereum. This could mean it’s not as immune to the pitfalls that sank FTX as its supporters might hope.

Another angle could be the leadership or operational parallels. Hyperliquid was founded by Jeff Yan, who pivoted to this project after the FTX collapse, aiming to fill the market void. Some might see this as a red flag—building on the ashes of a failed exchange could carry over old habits or risks, even in a decentralized setup.

Why It Matters to Crypto Fans

This debate isn’t just noise—it’s a wake-up call. The crypto space thrives on trust, and any hint that a new platform might repeat past mistakes can send shockwaves. For meme token enthusiasts and blockchain practitioners, understanding these dynamics is key. Platforms like Hyperliquid could shape the future of DeFi, but only if they learn from history rather than echoing it. The tweet’s call for honesty pushes us to ask: Are we truly verifying the platforms we use, or just trusting the hype?

Final Thoughts

@bunjil’s tweet is more than a hot take—it’s a conversation starter. The mysterious image paired with the bold claim invites us to look closer at Hyperliquid and FTX, questioning the narratives around them. Whether you see it as a genius insight or a wild swing, it’s clear this topic isn’t going away soon. Keep an eye on meme-insider.com for more updates as this story unfolds, and let us know your thoughts in the comments!