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Hyperliquid Faces $256M Outflows as HYPE Token Surges 10% Amid Concerns
Blockchain protocol Hyperliquid has been rocked by a staggering $256 million in net outflows, amidst reports of North Korean hackers trading on the platform. Despite this alarming development, the native cryptocurrency HYPE has surprisingly surged by 10% over the past 24 hours.
Industry experts have raised concerns about Hyperliquid’s security measures following these events. Taylor Monahan, a security expert at Metamask, expressed doubt about the platform’s ability to maintain user confidence while addressing ongoing security issues.
However, technical analysis suggests that HYPE may be poised for further growth in the short term. The Relative Strength Index (RSI) is currently indicating a strong buy signal, with a reading of 53.19. This could potentially lead to a retest of the $35 resistance level.
The situation at Hyperliquid will undoubtedly have far-reaching implications for the platform’s long-term stability and market performance. Investors will be closely monitoring the company’s response to these security concerns and its ability to maintain trust with users.
It is essential for stakeholders to keep an eye on Hyperliquid’s actions, as the fate of the platform hangs in the balance.
Source: cryptonewsland.com
