Hulse told Leeds' official website: "Mike's been very brave to come out like he has, unfortunately nobody's stood with him. It's been going on for years, we're kidding ourselves to say it doesn't. But how you stop it I don't know.
"You have to question where the money from some of these deals is going, on some occasions it's not going where it should be."
Hulse began his career at Crewe and claims that smaller clubs such as them could be affected.
He added: "That money is going out of football and Championship and lower league clubs certainly need that money.
"I think agents are an evil necessity, especially for young lads earning a lot of money. You need good financial advice and help with things like finding property when you move and a good agent can do that for you.
"But there are some sharks out there who will look to move players on as often as they can and you do hear of certain players who later question why they made particular moves when they did.
"Most agents are looking after players' interests but there are the odd ones who are taking money out of the game."