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Hyperliquid singles out Lighter as a direct competitor, with a former employee accused of being involved in the HYPE shorting incident

2025.12.23 11:54:17

**Hyperliquid Names Lighter as Direct Competitor; Addresses HYPE Insider Shorting Concerns** On December 23, Hyperliquid said in an official announcement it identifies Lighter as a direct competitor alongside Binance and Aster. The platform noted those three are operated by centralized orderers to manage transaction states, highlighting its own architectural edge: fully on-chain, run by 24 validators, and no hidden state. Lighter, meanwhile, centers on “verifiable execution” and a proof mechanism, offering auditability for its CLOB-style transaction structure. Competition between the two in decentralized trading infrastructure is ramping up. Separately, Hyperliquid addressed community concerns over a suspected insider shorting incident tied to its HYPE token. It stated the linked wallet belonged to a former employee fired in early 2024, whose actions had no connection to the team. The platform stressed strict internal HYPE transaction and compliance restrictions apply to employees and contractors.
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Hyperliquid burned $2.42 million worth of HYPE tokens in 24 hours, bringing the total burn amount to 4.88% of its maximum supply.

According to monitoring by OnchainLens, Hyperliquid burned $2.42 million worth of HYPE tokens within 24 hours, at a weighted average price of $91.86, totaling 26,310 HYPE tokens destroyed. The cumulative burn volume of HYPE tokens currently stands at 48.76 million (valued at approximately $4.5 billion), accounting for 4.88% of its maximum supply. Over the past 30 days, Hyperliquid generated $64.34 million in revenue, bringing its cumulative total revenue to $1.26 billion.

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A ZEC whale netted nearly $10 million from long positions within a month, with an entry price of $517.68.

According to OnchainLens monitoring, a ZEC whale has pocketed $10 million in profits over the past month. The whale holds a long position of 9,810 ZEC, with an unrealized gain of $9.98 million, as the long position was opened roughly one month ago. The whale’s entry price for the ZEC long is $517.68, and the current ZEC price stands at $1,534.70. The trader also holds a short position of 3,550 ETH, currently sitting on a $2.6 million loss.

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Analysis: After B2’s short-term price pump, the active market maker transferred $10.44 million worth of tokens to Binance Alpha, linked to the manipulative SIREN address.

Per HTX market data, B2 (BSquaredNetwork) rallied 120% from $0.41 to break above $0.9, with a 24-hour gain of 83.8%. According to EmberCN monitoring, B2’s active market maker transferred 13 million B2 tokens (valued at $10.44 million) into Binance Alpha via multiple wallets half an hour ago. These 13 million B2 tokens were withdrawn from another exchange a month ago, when B2 was priced at $0.47, netting a $4.27 million profit for the batch. One of the wallets used to transfer B2 to Binance Alpha is linked to the address that previously managed the SIREN project, leading to speculation that this active market maker is the same entity behind prior projects including SIREN, AKE, XPIN, and BTR.

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ENA rises above $0.2, with a 20.6% gain in the past 24 hours.

According to HTX market data, ENA (Ethena) has surged past $0.2, with a 24-hour increase of 20.6%, and its token price has doubled in the past month.

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Analysis: Bitcoin market behavior has undergone a substantial shift, switching from panic selling to buying the dip.

Crypto analyst Darkfost says Bitcoin’s market behavior has undergone a substantial shift, moving from "panic selling" to "buy-the-dip". The market has crossed a real threshold, with a clear change in investor behavior. Previously, most traders panicked and sold on dips, but now the same pullbacks are being treated as buying opportunities. As a result, expecting Bitcoin to continue its sharp decline has become far more difficult, and short sellers face a more complex operating environment.

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