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Hyperliquid faces more than $1 billion drop in TVL after suspicious activity
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The decentralized leveraged trading platform Hyperliquidbuilt on a layer 1 blockchain, recorded a significant drop in its total value locked (TVL) in the last week, losing more than US$ 1 billion.
According to data from the DeFiLlama platform, Hyperliquid’s TVL fell 35% in the last seven days, leaving US$3.45 billion on December 17th for US$2.25 billion.
Furthermore, the The platform’s native token, HYPEsaw its price plummet more than 20% in the last 24 hours, according to data from CoinGecko. At the time of writing this article, the crypto asset is costing US$26.59.
The outflow of funds was accentuated by a withdrawal of US$70 million in USDC in a single day, representing 3% of the platform’s total TVLas highlighted by Tom Wan, head of data at Entropy Advisor.
Link between Hyperliquid and North Korean hackers
Although he pointed out that the platform’s overall inflows and outflows remain stable, Wan highlighted that user confidence may take some hit. This can occur if the development team does not implement adequate containment measures.
Hyperliquid security concerns rise after analysis by security expert web3 Talor Monahan. He identified an increase in transactions coming from addresses linked to North Korea.
These transactions resulted in losses of approximately US$701 thousand. Furthermore, they have raised fears that hackers are testing Hyperliquid vulnerabilities for a possible broader attack.
These fears are not unfounded, especially considering a recent report from Chainalysis. As Todaysgist reported, the document revealed that North Korean hackers stole US$1.34 billion in 2024. This is a dramatic increase compared to the US$660 million registered in 2023.
This amount represented 61% of the US$2.2 billion stolen globally in 2024, with attacks often involving amounts in excess of US$50 million.
Hyperliquid faces more than $1 billion drop in TVL after suspicious activity
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Hyperliquid faces more than $1 billion drop in TVL after suspicious activity
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Hyperliquid faces more than $1 billion drop in TVL after suspicious activity
