Hyperliquid, a platform for trading perpetual futures, faces criticism over its governance and security, particularly regarding validator selection and decentralization. Allegations arose that validators could "buy their seats," but Hyperliquid refuted this, stating validators are chosen based on performance. Despite increasing the number of validators to 16, concerns persist as five validators control over 81% of staked tokens, raising fears of centralization and security vulnerabilities. Additionally, the platform's closed-source code has led to transparency issues, with promises to release it once more secure.