Key facts
- Hyperliquid earned $2.5 million in fees in 24 hours.
- Over $20 million was traced to ransomware, exploits, and scams flowing through Hyperliquid Core.
- FXMR's admin reportedly sourced XMR from KuCoin.
Decentralized exchange Hyperliquid has come under scrutiny following allegations of a money laundering scheme operating on its platform. On-chain investigator ZachXBT reported that over $20 million, potentially linked to ransomware, exploits, and scams, flowed through a service called FreedomXMR (FXMR) on Hyperliquid Core. ZachXBT stated that more than 87% of the money entering FXMR might be tied to illicit activities. The investigator has shared the on-chain data with the Hyperliquid team. Meanwhile, Hyperliquid Policy Center has requested the US Commodity Futures Trading Commission (CFTC) to permit perpetual contracts based on compute power.