Hyperliquid clarifies false accusations: the platform's status is transparently verifiable, will gradually decentralize, and ultimately be fully open source

Hyperliquid officially clarifies a recent article that made false accusations against it, claiming that Hyperliquid has issues with solvency, integrity, and transparency. The responses to the 10 specific allegations are as follows:

1. System under-collateralized by $362 million: False. The author of the article ignored HyperEVM USDC (parallel to the Arbitrum bridge), with the current total USDC amount being $4.351 billion.

2. Manipulating trading volume through TestnetSetYesterdayUserVlm: False. This is only a testnet feature and cannot be called on the mainnet.

3. Certain users have privileges, such as fee waivers or manipulation affecting airdrops: False. All fees, balances, and transactions are visible on-chain, with no distortion mechanisms.

4. CoreWriter "God mode" can mint, transfer funds, etc.: False. This is a way to send HyperCore operations to HyperEVM smart contracts, with no described privileges.

5. Governance can freeze the chain, with no revocation 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.

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

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

8. The liquidation cartel has an unfair advantage: Misunderstanding. Only HLP can back liquidations, and deposits are permissionless, with most liquidations processed through the order book.

9. Hidden lending protocols involving over $1 million in funds: False. Portfolio margin, lending, and HLP are publicly announced pre-alpha versions, with documentation on file.

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