Addresses linked to North Korean hackers have lost nearly half a million dollars betting on ether using Hyperliquid, a decentralized exchange with its own layer one (L1) blockchain platform. While rumors of an impending exploit circulated on social media, Hyperliquid denied all allegations, stating that no exploit was detected or reported by third parties.

Korean Hackers Trading Performance Suffers, Lose Close to $460K Longing ETH

Korean hackers recently have shown a poor performance as day traders, losing over 95% of an account in just two days. According to Loon On Chain, a blockchain operation observatory institution, addresses linked to the Democratic People’s Republic of Korea (DPRK), lost close to half a million dollars in bad trading choices.

Look on Chain alerted that DPRK-linked addresses used Hyperliquid, an L1 blockchain and platform dedicated to offering decentralized finance exchange solutions with a centralized exchange performance, to long ether.

As Tay, another on-chain sleuth, Look on Chain reported this party deposited 476,489 USDC into Hyperliquid, to long ETH at $3,791.8. However, the hackers’ funds went into liquidation with the recent market dump, that took ether prices under $3,300.

This means that the Korean trading party turned nearly $477K into $18,187 in two days, a loss of $458K. Statements of Tay on social media prompted speculation about a possible action of these Korean actors against Hyperliquid. She stressed that these trading moves could be part of a wider action test for existing weaknesses. “Yall, DPRK doesn’t trade. DPRK tests,” she remarked.

Tay offered her help to Hyperliquid, highlighting the increased risk the institution was facing as these threat actors scrutinized the platform. Hyperliquid Labs denied the allegations of a possible exploit in process, noting that the company took operative security seriously and that no vulnerabilities had been shared by any party.

Chainalysis recently disclosed that Korean threat actors had wreaked havoc on crypto platforms this year, having stolen $1.3 billion in 2024. This number represents over half of all the funds stolen this year and an increase of 21% when compared to what they pillaged last year.
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