Hyperliquid generated $2.5 million in fees in 24 hours on October 20, beating the second-place platform Lighter by 12 times with only $198K. On-chain investigator ZachXBT revealed that FreedomXMR (FXMR), a service operating on Hyperliquid Core since August, is allegedly involved in laundering over $20 million linked to ransomware, exploits, and social engineering scams. Over 87% of inflows to this platform appear connected to illegal activities, with links identified to KuCoin for the FXMR admin who made over 3,000 deposits. Hyperliquid Policy Center is simultaneously requesting CFTC approval for compute perps, arguing that perpetual contracts with no expiration date would perfectly suit this sector’s volatility.
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