Fake Google Ad Drains $550K From Crypto User Through Hyperliquid Impersonation

A crypto user reportedly lost $550,000 in USDC after clicking on a fake Google ad that directed them to a website impersonating Hyperliquid. The incident occurred in August and was reported by Darcy, co-founder of FlashRescue. According to blockchain data, approximately 550,019 USDC moved to three addresses allegedly controlled by the attacker.

The transfers confirm that the funds moved, but do not independently prove how the victim was deceived. Darcy's investigation and reported victim evidence connected the fraudulent Google advertisement to the incident. Google has since suspended the advertiser associated with the campaign, stating it has 'zero tolerance for scams' and that its systems prevented more than 99% of policy-violating advertisements from running in 2025.

The attack appears to be part of a larger campaign targeting crypto users through sponsored search results. Security Alliance, or SEAL, documented 356 malicious advertising URLs earlier this year, including 17 websites impersonating Hyperliquid. The organization warned that the true figure is likely higher than the $1.27 million in confirmed and suspected losses from malicious Google advertising between March 13 and March 30 alone.