ChainThink report: On December 22, Hyperliquid official issued a clarification regarding a recent article making false allegations against it, which claimed issues with Hyperliquid's solvency, integrity, and transparency. Below are responses to the 10 specific accusations:

System undercollateralized by $362 million: False. The author overlooked HyperEVM USDC (parallel to Arbitrum bridge); current USDC total is $4.351 billion.

Manipulation of trading volume via TestnetSetYesterdayUserVlm: False. This is merely a testnet feature; not callable on mainnet.

Certain users have privileged access such as fee waivers or influence over airdrops: False. All fees, balances, and transactions are on-chain visible; no distortion mechanisms exist.

CoreWriter "God Mode" can mint tokens and transfer funds: False. This refers to how HyperEVM smart contracts initiate HyperCore operations—no such privileges exist.

Governance can freeze the chain with no rollback: Misunderstanding. Freezing is used for network upgrades, analogous to hard forks on other chains. During the POPCAT incident 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. HIP-3 oracles are configured by deployers and can use MPC, etc. Perpetual contracts validated by operators use weighted median pricing with no latency to ensure security.

Eight undisclosed addresses control all transaction submissions: False. Some transactions are already directly submitted by validators; future upgrades will include MEV resistance and censorship resistance mechanisms.

Clearing cartel has unfair advantages: Misunderstanding. Only HLPs can backstop liquidations, and deposits are permissionless; most liquidations are handled via order book.

Hiding lending protocols involving over $1 million in funds: False. Portfolio margin, lending, and HLP are publicly announced pre-alpha versions with documented specifications.

ModifyNonCirculatingSupply can alter token supply: False. HIP-1 token supply is fixed; this function serves only display purposes and does not affect execution.