Kain Warwick warns HYPE token offers holders no investor protections
- —Warwick: HYPE holders have no legal claim on protocol revenue or equity-like rights
- —Hyperliquid splits 50% of fees with external market builders
- —97–99% of trading fees fund HYPE buybacks and burns
- —AQAv2 contributed about $14.5M to the buyback fund in early October 2026
Why it matters: The critique questions the sustainability of the buyback model that underpins HYPE's price in the absence of legal protections for holders.
Source: Crypto Briefing
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