Users have withdrawn $96 million worth of USDC from HyperLiquid per day
Earlier, trading activity from users from the DPRK was recorded on the platform
23.12.2024 - 12:55
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What’s new? HyperLiquid, a decentralized crypto exchange (DEX) of perpetual futures, operating on its own eponymous Layer (L1) blockchain, has faced a sharp outflow of reserves in USDC stablecoins from the issuer Circle. The withdrawal of deposits comes amid rumors spreading that DPRK hackers are interacting with the platform.
What else is known? A blockchain developer under the nickname tayvano_ reported in her X-account that hackers from North Korea are testing HyperLiquid for vulnerabilities by conducting trades, but the platform team itself has shown no concern.
Addresses linked to DPRK hackers have suffered $700+ million in losses while trading on HyperLiquid. Transactions indicate that hackers are potentially familiarizing themselves with the inner workings of the platform to launch a malicious attack: “DPRK doesn’t trade. DPRK tests,” the developer emphasized.
The developer also noted that two weeks ago she offered the HyperLiquid team help in countering the potential threat, as North Korean hackers are notable for their sophistication.
Media report on the mass employment of DPRK developers in crypto startups
Since at least 2018, North Koreans have been infiltrating companies to make money in the face of sanctions, as well as organizing hacks
According to blockchain analytics platform Dune, USDC deposits on HyperLiquid total $2,24 billion. The second most capitalized stablecoin is used on the exchange as collateral. On December 23, users withdrew $96,3 million in USDC from the platform.
HyperLiquid is the leading platform of open-ended futures, its market share exceeds 50%, and in the previous day, the trading volume amounted to $8,6 billion.
On November 29, the platform launched its own token HYPE, holding one of the largest airdrops in the industry’s history, during which time the asset rose from $3,9 to $27,96. However, it has lost 19% over the past 24 hours amid rumors of threats.
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