Hyperliquid clarifies false accusations: platform status is transparent and verifiable, gradual decentralization will ultimately lead to full open-sourcing

BlockBeats News, December 22, Hyperliquid officially clarified a recent article that made false accusations against it. The article claimed that Hyperliquid had issues regarding solvency, integrity, and transparency. The responses to the 10 specific allegations are as follows:

System under-collateralized by $362 million: Not true. The author ignored HyperEVM USDC (parallel to the Arbitrum bridge). The current total USDC is $4.351 billion.

Manipulating trading volume via TestnetSetYesterdayUserVlm: Not true. This is only a testnet function and cannot be called on the mainnet.

Certain users have privileges such as fee exemptions or manipulating airdrop impact: Not true. All fees, balances, and transactions are visible on-chain, with no distortion mechanisms.

CoreWriter "God mode" can mint tokens, transfer funds, etc.: Not true. This is a method for HyperEVM smart contracts to send HyperCore operations, with no such privileges as described.

Governance can freeze the chain, with no rollback function: Misunderstanding. Freezing is used for network upgrades, similar to hard forks on other chains. During the POPCAT event in November 2025, L1 was not frozen; only the Arbitrum bridge was automatically locked as a security measure.

A single private key can instantly set oracle prices: Misunderstanding. The HIP-3 oracle is configured by the deployer and can use MPC, etc. Perpetual contracts operated by validators use a weighted median price with no delay to ensure security.

Eight undisclosed addresses control all transaction submissions: Not true. Some transactions have been sent directly by validators. Future upgrades will include MEV and censorship-resistance mechanisms.

Liquidation cartel has unfair advantage: Misunderstanding. Only HLP can perform backup liquidations, and deposits are permissionless. Most liquidations are processed via the order book.

Hidden lending protocol involving over $1 million in funds: Not true. Portfolio margin, lending, and HLP are publicly announced pre-alpha versions with documented records.

ModifyNonCirculatingSupply can change token supply: Not true. HIP-1 token supply is fixed. This function is for display purposes only and does not affect execution.