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Hyperliquid Faces Record $256M Outflows Amid North Korean Hacker Concerns
Crypto derivatives platform Hyperliquid has faced unprecedented net outflows exceeding $256 million, according to reports, following concerns over potential security breaches linked to North Korean hackers. The sudden and drastic exodus of funds comes as a result of recent revelations that the Democratic People’s Republic of Korea (DPRK) may be actively trading on the platform.
Security expert Tay Monahan initially broke the news on X, revealing that DPRK-linked activity had been detected on Hyperliquid since October. Although the platform’s developers have vehemently denied any exploits or breaches, users remain uneasy and are flocking to safer options.
As a result of the mass exodus, Total Value Locked (TVL) has plummeted, sparking fears over potential security threats and market volatility. The sudden decrease in assets under management has left many wondering whether DeFi platforms are indeed vulnerable to cyberattacks, especially from organized state actors.
Notably, Hyperliquid’s native token, HYPE, has taken a hit as well, plummeting 20% from its all-time high of $35 on December 22 to trade at $28. The community remains divided on the issue, with some criticizing Monahan for stirring up unnecessary panic and others commending her vigilance in bringing this information to light.
As experts weigh in on the situation, calls are growing louder for more robust security protocols and increased transparency from exchanges in the wake of these recent events.
Source: www.crypto-news.net
