According to reports from The Block: Hyperliquid experienced approximately $250 million in net outflows on Monday, following a statement from a Metamask researcher indicating that there was North Korea-related hacking activity on the platform.
The platform stated that user funds are secure, and no vulnerabilities or exploitations have been found.
The decentralized perpetual trading platform Hyperliquid experienced record net outflows after a blockchain expert claimed that North Korean-supported hackers were active on the DeFi platform. According to Dune Analytics data, Hyperliquid saw a net outflow of $249.1 million in USDC on Monday, with an additional outflow of $22.2 million so far on Tuesday.
Metamask security researcher Taylor Monahan published 12 blockchain addresses active on Hyperliquid, which she identified as being associated with network actors supported by the Democratic People's Republic of Korea (DPRK). Data shows that one address has been active on the platform since October 2.
Monahan stated on X that her recommendations for protecting Hyperliquid from DPRK attacks remain valid, as DPRK actors appear to be becoming familiar with the platform in preparation for future attacks. "I am very concerned about the increased risks you face, as we know these specific threat actors are now very familiar with your platform," Monahan wrote in a proposal to Hyperliquid two weeks ago, which she reiterated on Monday. "I want to emphasize that these are the most sophisticated and rapidly evolving groups among DPRK threat actors."
The recently launched native token Hype also experienced volatility on Monday. According to Coingecko data, the token dropped from a weekend high of $34.5 to around $26 on Monday, continuing to fluctuate. Hype recovered 5.4% in the past 24 hours and was trading at $29.63 at the time of writing.
Hyperliquid responded to these allegations on Discord, stating that the platform has found no signs of exploitation. "Hyperliquid has not suffered any DPRK attacks—or any other attacks. All user funds are secure, and Hyperliquid Labs takes operational security very seriously. No party has disclosed any vulnerabilities."
State-sponsored hacker groups from the DPRK have been accused of orchestrating some of the largest hacks in the crypto space, such as the $600 million attack on the Ronin Ethereum sidechain in 2022.