Hyperliquid, a layer-1 crypto derivatives platform, has experienced significant net outflows exceeding $256 million amid concerns about North Korean hackers potentially trading on its platform. Security researcher Tay Monahan raised alarms on social media, indicating that hackers linked to the Democratic People’s Republic of Korea (DPRK) had been active on Hyperliquid since October. Monahan emphasized that the DPRK’s involvement is not for legitimate trading but rather for testing purposes.
On December 23, the platform recorded its highest outflow ever, with $502.71 million leaving while inflows were over $253.5 million. Despite these alarming figures, Hyperliquid has assured users via its Discord channel that there has been no exploit or loss of user funds.
The presence of North Korean hackers, particularly the notorious Lazarus Group, poses a serious threat to the crypto industry, having stolen around $1.3 billion in crypto assets this year alone. Monahan criticized Hyperliquid’s centralized security infrastructure, which relies on only four validators, sparking a mixed response from the crypto community. While some defended Monahan’s warnings, others accused her of inciting unnecessary panic.
The fallout has impacted Hyperliquid’s native token, HYPE, which dropped 20% from its all-time high of $35, now trading around $28. Industry experts discussed potential defenses against a North Korean attack, including the possibility for USDC issuer Circle to blacklist addresses to prevent stolen funds from being moved, as well as the option for the Arbitrum Chain to roll back transactions, although the latter is seen as unlikely unless faced with a critical threat.
The situation underscores ongoing concerns about cybersecurity in the rapidly evolving crypto landscape, particularly with the involvement of state-sponsored hacking groups.
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