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68 Inside Hyperliquid, Ground Zero for the Latest Crypto Controversy

The Information
Yueqi Yang @ The Information 2 place · today 09:44 EDT

Inside Hyperliquid, Ground Zero for the Latest Crypto Controversy

When a crypto crash ricocheted across markets earlier this month, the spotlight landed on Hyperliquid, an exchange that handles more than $13 billion in trades a day with around 11 employees based largely in Singapore.

The two-year-old exchange is little known outside crypto markets but wildly popular among traders for offering anonymity, high leverage and giving away a token that has soared in value. Hyperliquid has no outside investors and generates more than $1 billion in annualized revenue, based on th

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