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.
https://blog.can.ac/2025/12/20/reverse-engineering-hyperliquid/
Posted by goldenrifle
3 Comments
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.
Nice work.
So I should be worried of keeping funds on there?