Binance CEO Richard Teng Doubles Down on Transparency Promises as Suspicions of Hyperliquid Attack Mount

However, the timing of this assertion has raised significant questions, as it coincides with rising suspicions that Binance might have been involved in an attack on Hyperliquid

In a recent interview, Binance CEO Richard Teng made a strong assertion of the company's commitment to transparency, security, and compliance. However, the timing of this statement has raised significant questions, especially in light of a recent crypto drama that has seen some in the community openly discuss the possibility of Binance being involved in an attack on a decentralized exchange.

This assertion comes amid rising suspicions within the crypto community that Binance might have been involved in an attack on Hyperliquid, a decentralized exchange platform. Some members of the community believe that Hyperliquid poses a potential threat to the dominance of centralized exchanges, setting the stage for what could be described as a "crypto proxy war."

The attack on Hyperliquid began with an unknown actor engaging in a calculated strategy. They began by shorting JELLY futures to a staggering $4.5 million while simultaneously purchasing an enormous amount of the meme coin on-chain, inflating its price to astronomical levels.

Following this move, they engaged in a strategic self-liquidation, which ultimately forced Hyperliquid’s liquidity provider to absorb the entire $4.5 million loss.

As the price of JELLY continued to surge, a second wallet, presumably belonging to the same actor, took a long position, setting the stage for substantial gains. In total, the exchange ended up losing over $10 million.

The unfolding drama took another turn when blockchain analysis revealed that the funds used in the attack passed through both OKX and Binance. This finding has led to speculations that centralized exchanges may have orchestrated the attack in a bid to destabilize Hyperliquid.

These theories gained more momentum with both exchanges announcing the listing of JELLY perpetual futures around the same time the attack unfolded, further fueling concerns about the involvement of larger platforms.

Against this backdrop of suspicion, Richard Teng's claims of compliance and transparency at Binance appear ironic, leaving many to question the company's true role in the unfolding drama.