[Hyperliquid's Decentralization Questioned, Regulatory Issues Draw Attention] According to Bloomberg's report on October 17, Hyperliquid is controlled by a small group of insiders, raising doubts about its level of decentralization. The platform is operated by Singapore-based Hyperliquid Labs, with a team of approximately 15 people. It employs a trading model that does not require identity verification, attracting users but also drawing regulatory scrutiny. Hyperliquid has around 24 validation nodes, far fewer than Ethereum's millions of nodes, and nearly two-thirds of the staked tokens HYPE are controlled by the Hyper Foundation, highlighting significant centralization issues. Industry insiders are concerned about whether its development can continue to evade regulatory oversight.