Hyperliquid Sparks Controversy Over Arbitrary Token Symbol Changes, Pixelmon’s $500,000 Purchase Rights Overridden

ChainCatcher news, according to The Defiant, Hyperliquid has sparked controversy for unilaterally changing a token symbol. Earlier this year, the gaming project Pixelmon purchased the MON token symbol for nearly $500,000 through Hyperliquid’s permissionless auction feature, but the symbol has now been replaced by Monad’s MON token.

On the Hyperliquid frontend, Pixelmon’s MON has been changed to MONPRO, while Monad’s token, deployed by the leading tokenization layer Unit, has become the default MON. Although the block explorer shows that Pixelmon technically still holds the MON symbol (Monad’s is UMON), Hyperliquid Labs has overridden the frontend display, raising doubts about the exchange’s decentralization claims.

Crypto gaming investor Grail.eth criticized: Hyperliquid has essentially deceived all token symbol auction buyers by forcibly taking Pixelmon’s MON and giving it to Monad. The entire value proposition of buying these symbols is the immutability and the frontend interface that comes with the purchase.

Previous reports stated that since its launch in May 2024, Pixelmon’s MON has plummeted by 98%, with its market cap dropping from $53 million to $6 million.