North Korea Hacking Fears Spark $60M Exit from Hyperliquid

Hyperliquid, a platform that enables users to invest and trade in various digital assets, has witnessed an unprecedented $60 million exit as its users fear potential hacking. The outflows of USDC from the platform reached $61 million today, according to analytics from Dune.

This significant distress is attributed to rumors surrounding North Korean hacking groups targeting Hyperliquid. Cybersecurity expert Tayvano had previously pointed out on-chain evidence suggesting orchestrated attacks from North Korea against the platform in a post on X dated December 22.

The hackers are believed to have been actively exploiting the platform, resulting in losses amounting to over $700,000 since their activity began. Although Hyperliquid has not released an official comment, fears of cyberattacks have triggered widespread panic among users, leading to substantial fund withdrawals.

The abrupt outflow of funds has exerted considerable downward pressure on the HYPE token price, resulting in a sharp drop within the last 24 hours. The altcoin's price currently stands at $29.22, reflecting a 15% decrease. This is a significant decline from its previous value and highlights the increased selling activity.