I reverse engineered Hyperliquid's closed-source validator binary. Key findings:
- 8 undisclosed addresses control all transaction submission
- Single private key can set any oracle price instantly: no timelock, no limits
- Chain can freeze via governance. No undo function exists.
TestnetSetYesterdayUserVlmin mainnet binary: retroactive volume manipulation for a system where volume determined airdrop allocation- $362M more in user claims than exists in the bridge
- Hidden lending protocol (BOLE) with $1M+ supplied, no documentation
Every claim includes proofs you can verify yourself.
Nice work.
No, this dude is clueless and literally all of this garbage was debunked by the Hyperliquid team.
tldr; The article critically examines Hyperliquid, a purported decentralized exchange with a $30 billion valuation, revealing significant concerns about its operations. Despite marketing itself as a fully on-chain exchange, the platform lacks transparency, with no publicly available source code and centralized control mechanisms. Key issues include retroactive volume manipulation, undisclosed governance actions, and a $362 million accounting gap. The article highlights potential risks of insolvency, censorship, and insider advantages, questioning the platform's claims of decentralization and integrity.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
This check should be done on all perp DEXs....
Really great and important work. Hyoerliquid is a broker dealer there is no doubt about it with this coming to light. They should be regulated against. We need real decentralization not fake
So I should be worried of keeping funds on there?
They aren't your funds once you store them there
Yes
The team just debunked the article’s points via Twitter
https://x.com/HyperliquidX/status/2003045600657334570
Have a read
https://x.com/_can1357/status/2003061643127947627
well, guess the party is over.
HYPE gonna be this cycle's LUNA?
The 362M might be losses they are carrying from operations. If feels unlikely that they have off chain backstop, are they VC funded?
Now do Aster
Lol 80% upvotes. This is exactly what is wrong with Defi and we all need to stand up against this bullhshit.
I don’t understand the response. Like you think it should be more than 80% or you think it’s a bad post?
Why was it downvoted so much? I mean people will reject this evidence because it does not suit them.
The only question is when
Sounds like a bombshell. I wish i wasnt a pussy and was able to monetize this information
This doesn't come off as a hit piece at all
Are you really in the right if you are not "hitting" on a massive DEX refusing to open-source?
Shall we encourage them further and foster this wonderful trend of "it's ok do whatever you want as long as we can gamble"?
https://x.com/HyperliquidX/status/2003045600657334570?s=20
This Hyperliquid FUD Is Just Flat-Out Wrong
Very much false info, please DYOR
Hyperliquid team has stated against all these claims
https://x.com/HyperliquidX/status/2003045600657334570?s=20
Use AsterDEX if you want to trade perps.