Hyperliquid Labs has refuted allegations of insider token selling, attributing recent sales to a former employee. The company maintains a strict policy prohibiting team members from engaging in leveraged token trading, with any breaches resulting in immediate dismissal. In response to market concerns, Hyperliquid has announced a plan to destroy 11% of the circulating HYPE supply, valued at $942 million, through a buy-and-burn initiative. To date, 27.4 million HYPE tokens have been repurchased. Despite these efforts, speculative interest in HYPE has declined by 50% year-to-date, with open interest currently around $1 billion. The token's price has increased by 4% in the last 24 hours, reaching nearly $25, but it must surpass $28 to signal a bullish trend reversal.