Congressional scrutiny raises risks for Hyperliquid

Congress reportedly requested Hyperliquid records from Jeff Yan by October 13 amid questions about a $1.1 billion leveraged short, alleged insider activity, permissionless perps, KYC, Lazarus-linked flows, and possible CFTC jurisdiction. The claims need verification, but the inquiry adds to HYPE's leverage, liquidity, market-integrity, and regulatory risks.