In the past 30 hours, the Hyperliquid platform has faced a net outflow of over $256 million. This outflow happened after security experts revealed that North Korean hackers had conducted transactions on this platform. According to Tay Monahan, a security researcher at Metamask, hackers affiliated with the Democratic People’s Republic of Korea (DPRK) have been using this platform since early October. Monahan also emphasized that North Korea has been engaging in various experiments on this platform instead of real transactions. Data from Dune Analytics shows that the outflows from this platform reached their highest point on December 23rd, at $502.71 million, while the inflows were over $253.5 million on the same day. In response, the Hyperliquid team announced on their Discord that no exploitation of this platform by North Korea or any other entity has taken place, ensuring the safety of all user funds. It is worth mentioning that North Korean hackers have stolen approximately $1.3 billion in digital assets this year, which is double the amount from the previous year. These actions are part of Kim Jong Un’s efforts to gather financial resources in an isolated country. The security of the Hyperliquid platform has faced criticism as, according to Monahan’s claim, its infrastructure is mainly centralized and dependent on four validators. This issue has sparked widespread reactions in the crypto community. Based on market data, the native token of this platform, Hyperliquid (HYPE), also experienced over a 16% drop from its all-time high on December 22nd, falling to $29. Developers suggest two defensive measures against potential attacks, one being blocking addresses associated with hackers by the USDC issuer. Moreover, reversing the Arbitrum chain (on which Hyperliquid is built) has been suggested as another option, although this action will only be taken in case of a serious threat. You can track the prices of all tokens and cryptocurrencies live on the real-time digital currency price page.
