Crypto derivatives platform Hyperliquid has experienced its largest net outflows, surpassing $250 million, after concerns arose over possible North Korean hacker involvement.
According to Metmask security researcher Tay Monahan, hackers linked to North Korea’s Democratic People’s Republic of Korea (DPRK) have been using the platform since October.
Monahan shared her findings in a Dec. 23 post on X (formerly Twitter), warning that DPRK hackers don’t trade—they test platforms for vulnerabilities.
This triggered a wave of uncertainty, with net outflows from Hyperliquid reaching an all-time high of $502.7 million on Dec. 23, despite inflows of over $253.5 million. Dune Analytics confirmed these figures.
In response, Hyperliquid assured users via its Discord that no funds had been compromised and there had been no exploit involving DPRK addresses. The platform emphasized that all user funds were secure.
However, the fears sparked by Monahan’s post had a significant impact on Hyperliquid’s native token, HYPE, which dropped 20% from its peak of $35 on Dec. 22, now trading at $28.
While some criticized Monahan for causing panic, others backed her expertise, acknowledging the seriousness of the situation given North Korea’s history of hacking and stealing billions in crypto.
With North Korea’s Lazarus Group behind several high-profile crypto thefts, Hyperliquid’s response will be crucial in regaining user trust and stabilizing its platform.
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