Hyperliquid Clarifies Baseless Accusations: Platform's Status Transparent and Verifiable, Will Progressively Decentralize and Ultimately Be Fully Open Source

BlockBeats News, December 22nd, Hyperliquid officially clarified a recent article that made unfounded accusations against it. The article claimed that Hyperliquid had issues related to solvency, integrity, transparency, etc. The response to 10 specific accusations is as follows:

System undercollateralized by $3.62 billion: False, the article's author overlooked HyperEVM USDC (parallel to the Arbitrum bridge), with the current USDC total being $43.51 billion.

Manipulating transaction volume through TestnetSetYesterdayUserVlm: False, this is only a testnet feature and cannot be invoked on the mainnet.

Some users have privileges such as fee waivers or manipulating airdrops: False, all fees, balances, and transactions are on-chain visible, with no distortion mechanism.

CoreWriter's "God Mode" for minting, fund transfers, etc.: False, it is the way HyperEVM smart contracts send HyperCore operations, without the mentioned privileges.

Governance can freeze the chain with no undo function: Misunderstanding, freezing is used for network upgrades, similar to a hard fork on other chains, the L1 was not frozen during 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, HIP-3 oracles are configured by the deployer and can use MPC, etc. The perpetual contract operated by validators uses a weighted median price, with no delay to ensure security.

8 undisclosed addresses control all transaction submissions: False, some transactions have been directly sent by validators, future upgrades will include MEV and anti-censorship mechanisms.

The liquidation cartel has an unfair advantage: Misunderstanding, only HLP can act as a backstop for liquidation, and deposits are permissionless, with most liquidations processed through the order book.

Hidden lending protocol involving over $1 million in funds: False, the portfolio margin, lending, and HLP are openly announced pre-alpha versions with documented records.

ModifyNonCirculatingSupply can change token supply: False, HIP-1 token supply is fixed, this function is only for display purposes, and does not affect execution.