Amid opinions suggesting that HyperliquidX is as suspicious as Binance regarding cryptocurrency exchange operations, Mike Dudas, co-founder of crypto media outlet The Block and crypto investment firm Six Man Ventures, refuted this, defending that Hyperliquid does not manipulate the prices and fund flows of listed assets. Previously, Kyle Samani, co-founder of Multicoin Capital, pointed out on X, "Hyperliquid is as suspicious as Binance. The charges applied by the US Department of Justice to Binance would apply equally to Hyperliquid. Furthermore, saying 'we are talking to regulators' is meaningless. Binance also talked to regulators for years. What has actually changed in the meantime is that perpetual futures trading in centralized finance (CeFi) has become officially regulated, and the regulatory framework distinguishing between centralized and decentralized protocols has become clearer." In response, Dudas countered, "This idea is absurd. Hyperliquid does not directly invest in listed coins and then dispose of them through perpetual futures (perps) or launchpads. It does not pre-acquire a certain percentage of the listed coin supply, nor does it manipulate prices or fund flows. Hyperliquid's financial structure is entirely transparent and disclosed on-chain, and platform profits are distributed to token holders according to the program."