最新报道：According to a Bloomberg report on October 17th, Hyperliquid is now controlled by a small group of insiders, raising questions about its decentralization. For backers like Paradigm and Pantera Capital, it's both a bet on the future of digital finance and a reminder that the industry still operates outside formal regulation. Essentially, Hyperliquid is a minimalist trading platform run by a team of approximately 15 people at Hyperliquid Labs, based in Singapore. As is customary in the industry, the website's front-end blocks US users, but anyone can trade on the blockchain that powers it. The lack of identity verification is part of its appeal, echoing an early trend: fast-growing exchanges adopting similar models often quickly attract regulatory scrutiny. If Hyperliquid is the engine, then validators are the control room. Hyperliquid has approximately 24 validators, compared to over a million on the Ethereum network. Critics argue this leads to excessive concentration of power. The Hyper Foundation controls nearly two-thirds of the staked HYPE—its native token—and thus holds significant influence over validator decisions and governance, though its nodes have abstained from voting in recent decisions to defer to community consensus. Kam Benbrik, head of research at blockchain validator Chorus One, stated, "If you control more than two-thirds of the stake, you essentially have control over the chain." For now, Washington's relatively relaxed stance has given Hyperliquid room to thrive. The question is how long it can remain out of regulatory scrutiny.