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The recent rise of Hyperliquid in the cryptocurrency market has quickly attracted attention among users. However, a series of security and systemic issues on the platform have shaken investor confidence, leading to a significant decline in Hyperliquid’s value. Anomalies in high-volume transactions have caused concern and sparked debates among users, raising new questions about the platform’s future.
Security Vulnerabilities and Transaction Scandals
The primary factor behind the platform’s turmoil has been security vulnerabilities. Losses amounting to approximately $4 million, resulting from transactions conducted by large investors primarily dealing in Bitcoin 
$104,570, have illuminated these security flaws. Subsequently, a striking scenario unfolded with JELLY token transactions, where a $7 million high-leverage position resulted in a sudden increase of up to 400% in token prices, heightening market manipulation suspicions among investors.
These fluctuations in transactions have echoed not only among individual investors but also among leading figures in the industry. Numerous industry representatives, including the CEO of Bitget, have highlighted Hyperliquid’s structural deficiencies, accusing the platform of lacking professionalism. Such criticisms have further eroded the already dwindling trust of investors.
Urgent Revisions in Risk Management
In response to these challenges, Hyperliquid quickly implemented comprehensive changes to its risk management policies. The platform introduced limits to the liquidator pool and reduced the frequency of rebalancing. Additionally, an on-chain voting system was initiated to remove low-performing assets, while automatic reduction processes were optimized.
These changes are viewed as significant steps towards making the system more transparent and secure. Nevertheless, uncertainties linger in the minds of investors. Some users believe these updates are belated responses, while Hyperliquid has attempted to calm the situation by announcing compensation for users affected by JELLY token position losses based on the closing prices.
Market Response and Community Critiques
Following these developments, the platform’s market value has plummeted swiftly. Hyperliquid has experienced a 20% drop over the past week and an 8% decline in the last 24 hours, continuing to create an atmosphere of uncertainty among investors. Serious discussions are ongoing within the community regarding the platform’s future.
Some investors find Hyperliquid’s approach to managing its issues insufficient, while others argue that such crises are a natural testing phase for young platforms. However, regaining investor trust will not be easy. While the updates in risk management signal a positive direction, structural criticisms indicate that the platform must undergo significant changes.
