Mike Dudas, co-founder of the cryptocurrency media outlet The Block and the investment firm Sixth Man Ventures, recently dismissed claims that HyperliquidX is facing market manipulation allegations similar to those of Binance.

Earlier, Kyle Samani, co-founder of Multicoin Capital, criticized the platform on his X (formerly Twitter) account, stating, "Hyperliquid is just as suspicious as Binance. The charges the U.S. Department of Justice applied to Binance will apply equally to Hyperliquid." Samani argued, "Saying 'we are in talks with regulators' is meaningless. Binance also communicated with regulators for years." He pointed out, "The only things that have changed are that perpetual futures trading in centralized finance (CeFi) has become subject to formal regulation, and the regulatory framework distinguishing between centralized and decentralized protocols has become clearer."

In response, Dudas strongly refuted these claims, calling the idea "absurd." He explained, "Hyperliquid does not directly invest in listed coins and then dispose of them through perpetual futures (perps) or a launchpad." He added, "It also does not secure a certain percentage of the supply of listed coins in advance, nor does it manipulate prices and capital flows."

Defending Hyperliquid's transparency, Dudas emphasized, "Hyperliquid's financial structure is fully transparent and disclosed on-chain, and the platform's revenue is distributed to token holders according to its program."