Hyperliquid sees record outflows amid hack concerns by North korea
Leading on-chain perpetual futures exchange Hyperliquid came under fire after claims surfaced of wallet activity connected to North Korea on its platform.
A blockchain expert on social media platform X said on Monday that North Korean-backed hackers were active on the DeFi platform, causing a record amount of net outflows from the decentralized perpetual trading platform Hyperliquid.
Outflow of $60M USDC from HyperLiquid
Dune Analytics data shows that Hyperliquid has already experienced USDC net outflows totaling $249.1 million on Monday and $22.2 million on Tuesday.
Metamask security researcher and expert Taylor Monahan shared 12 active blockchain addresses on Hyperliquid that she said belonged to cyberactors. According to the dates, one address started using the platform on October 2.
DPRK’s state-backed hacker groups suspected of future hacks
In the X thread, Monahan stated that her offer to Hyperliquid to help in defending the platform against North Korea remains open because actors from the Democratic People's Republic of Korea (DPRK) seem to be getting familiar with the platform in order to attack it in the future.
In her offer to Hyperliquid, which she reposted on Monday, Monahan stated, "I am quite concerned that you guys are at increased risk due to the fact we know that these specific threat actors are now intimately familiar with your platform."
"These are the most sophisticated and rapidly evolving of all the DPRK threat groups, and I really want to stress that." In response to the claims on Discord, Hyperliquid stated that the platform has not detected any indications of an exploit.
Hyperliquid's native token Hype price increases despite challenges
On Monday, Hyperliquid's native token, Hype, which was just released, also saw volatility. According to data from Coingecko, the token fluctuated further after dropping from a high of $34.5 over the weekend to about $26 on Monday. At the time of writing, Hype was trading at $28.07, up 2.5% over the previous day.
Some of the biggest cryptocurrency hacks, including the $600 million 2022 attack on the Ronin Ethereum sidechain, have been attributed to state-sponsored hacker groups in the Democratic People's Republic of Korea.
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