BlockBeats News, December 22nd, Hyperliquid officially clarified a recent article that made unfounded accusations against it. The article claimed that Hyperliquid had issues in solvency, integrity, transparency, etc., and the response to 10 specific accusations is as follows:
System under-collateralized by $3.62 billion: False, the article’s author overlooked HyperEVM USDC (parallel to the Arbitrum bridge). The current USDC total is $43.51 billion.
Manipulation of transaction volume through TestnetSetYesterdayUserVlm: False, merely a testnet feature, not callable on the mainnet.
Some users have privileges such as fee waivers or manipulative airdrop influence: False, all fees, balances, and transactions are on-chain visible, with no distortion mechanism.
CoreWriter “God Mode” can mint, transfer funds, etc.: False, the way HyperEVM smart contracts send HyperCore operations, with no such privilege.
Governance can freeze the chain, with no undo function: Misunderstanding, freezing is for network upgrades, similar to hard forks on other chains, L1 was not frozen in the POPCAT event in November 2025, only the Arbitrum bridge was automatically locked as a security measure.
A single private key can instantly set the oracle price: Misunderstanding, the HIP-3 oracle is configured by the deployer, can use MPC, etc. Validator-operated perpetual contracts use a weighted median price, without delays to ensure security.
8 undisclosed addresses control all transaction submissions: False, some transactions have been sent directly by validators, future upgrades will include MEV and anti-censorship mechanisms.
Clearing cartel has unfair advantage: Misunderstanding, only HLP can backstop clearing, and deposits are permissionless, with most clearing done through an order book.
Hidden lending protocol involving over $1 million in funds: False, portfolio margining, lending, and HLP are publicly announced pre-alpha versions, with documented records.
ModifyNonCirculatingSupply can change token supply: False, HIP-1 token supply is fixed, this function is for display purposes only, with no impact on execution.
