Hyperliquid got rocked with $250M+ outflows after a researcher warned North Korean hackers might be testing their platform. Even though Hyperliquid denied any breaches, users panicked, and their token HYPE tanked 20%. Now they’re in damage control mode, trying to rebuild trust and chill the chaos.
Crypto derivatives platform Hyperliquid is in the hot seat after $250M+ in net outflows hit them hard, following claims that North Korean hackers might be lurking. Metamask security researcher Tay Monahan called out the issue on Dec. 23 via X (formerly Twitter), saying hackers tied to North Korea’s DPRK have been poking around since October—not to trade but to sniff out weaknesses.
Monahan’s warning sent shockwaves through the community, with users pulling their funds like there’s no tomorrow. Net outflows hit a record $502.7M that day, even with $253.5M in inflows, according to Dune Analytics.
Hyperliquid clapped back on Discord, saying all funds are secure and there’s been no breach involving DPRK. But the damage was already done. Their token, nosedived 20% resulting in drop to $28 .
The crypto fam is divided—some say Monahan caused unnecessary panic, while others respect her hustle for flagging a potential threat. With North Korea’s infamous Lazarus Group linked to big crypto heists, this isn’t something to shrug off.
Now, Hyperliquid’s next moves will make or break user trust as they fight to bounce back and calm the chaos.
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