Hyperliquid, unlike centralized exchanges that shield account transactions, operates on a public blockchain where all trades are visible and linked to wallet addresses

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Hyperliquid is a decentralized exchange, traders were able to easily uncover his wallet address and scrutinize his trading activity.

Unlike centralized exchanges that shield account identities, Hyperliquid operates on public smart contracts. Every trade is tied to a wallet address visible on-chain. Public wins can be verified—or disproven—through open blockchain records.