Hyperliquid clarifies doubts about the platform's solidity: all accusations are unfounded

According to reports from Foresight News, Hyperliquid has issued an official statement to counter the claims made in a recent critical article. The platform’s declaration systematically addresses the top 10 accusations against its operation, from solvency to transparency.

The liquidity issue: USDC was not considered

The first point concerns the claimed collateral deficit of $362 million. Hyperliquid explains that this analysis omitted a crucial element: the presence of HyperEVM USDC, the counterpart on the Arbitrum bridge. In reality, the total amount of USDC available on the platform amounts to $4.351 billion, completely debunking the theory of financial underfunding.

Accusations of technical manipulation

Several points concern alleged technical vulnerabilities. Regarding volume manipulation via TestnetSetYesterdayUserVlm, Hyperliquid clarifies that this is solely an operational function on the testnet, inaccessible from the mainnet. Similarly, the controversial “God Mode” of CoreWriter does not allow arbitrary token minting or fund transfers, but simply represents the mechanism through which the HyperEVM smart contract communicates with HyperCore.

User privileges and transparent fees

Accusations that certain users enjoy fee exemptions or manipulate airdrops are deemed unfounded. The platform reminds that all fees, balances, and operations are verifiable on-chain, with no hidden distortion mechanisms. An alleged secret lending protocol involving exposures exceeding $1 million is also denied: marginalization, lending, and HLP are publicly declared projects in pre-alpha stage, not covered operations.

Oracles, governance, and security

Regarding the control of oracle prices, Hyperliquid clarifies that a single private key cannot instantly modify values. The HIP-3 oracle is structured by the deployer and can integrate with MPC systems; perpetual contracts rely on a weighted median price managed by validators, ensuring security without delay.

On censorship concerns, the platform notes that although currently 8 non-public addresses direct certain transactions, future updates will introduce MEV mechanisms and stronger anti-censorship protections. Some validators already send transactions autonomously.

Liquidations and token supply

The accusation of a liquidation cartel is rejected: only the HLP can perform reserve liquidations in a permissionless regime, while most liquidations go through the standard order book. Finally, the ModifyNonCirculatingSupply function does not alter the actual HIP-1 token supply, which remains fixed; this function is solely for display purposes and does not affect execution or actual balances.

Hyperliquid concludes by emphasizing that chain freezing, as occurred during the November 2025 POPCAT event, does not represent a vulnerability but a technical necessity for network upgrades, similar to hard forks on other blockchains. The Arbitrum bridge lock was implemented as an automatic security measure.