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Hyperliquid Labs Denies DPRK Hack, Confirms Funds Are Safe
The post Hyperliquid Labs Denies DPRK Hack, Confirms Funds Are Safe appeared on BitcoinEthereumNews.com. Hyperliquid Labs, a decentralized perpetual futures trading platform, has strongly denied allegations of being exploited by wallets linked to North Korean hackers. The company has assured its users that no vulnerabilities have been found and all funds remain secure, following widespread concerns about suspicious trading activity. Reports of DPRK-Linked Wallets Spark Security Concerns Concerns emerged after Taylor Monahan, a security expert, claimed that wallets flagged as being associated with North Korean hackers had engaged in trading on Hyperliquid’s platform. These wallets reportedly conducted transactions involving Ethereum (ETH), leading to liquidations totaling over $700,000. Monahan, in a statement on social media, suggested the activity could have been an attempt to probe the platform’s defenses. The activity triggered fears among users, leading to significant withdrawals of USDC from the platform. According to data from Hashed’s Dune Analytics dashboard, over $194 million in USDC was withdrawn on Monday alone. Hyperliquid Refutes Exploit Claims After the allegations, Hyperliquid Labs has come forward to address the issue via its Discord channel, claiming that there was no hack or exploit. ‘Hyperliquid Labs has noted the rumors circulating with regard to activity on behalf of DPRK addresses.’ To the best of the authors’ knowledge, there has been no DPRK exploit – or any exploit for that matter – of Hyperliquid. All customer funds are accounted for,” the company said. The team also emphasized the operational security that it uphold by using strong bug bounty program and compliance with industry standard in blockchain analysis. According to Hyperliquid Labs, there has been no disclosure of any vulnerability by any security researcher or third party. HYPE Token Volatility Stabilizes The accusations and the subsequent market concerns resulted in the drop of Hyperliquid’s native currency, HYPE. The token fell by more than 25% from $34 on Sunday to $25 on Monday.…
The post Hyperliquid Labs Denies DPRK Hack, Confirms Funds Are Safe appeared on BitcoinEthereumNews.com.
Hyperliquid Labs, a decentralized perpetual futures trading platform, has strongly denied allegations of being exploited by wallets linked to North Korean hackers. The company has assured its users that no vulnerabilities have been found and all funds remain secure, following widespread concerns about suspicious trading activity. Reports of DPRK-Linked Wallets Spark Security Concerns Concerns emerged after Taylor Monahan, a security expert, claimed that wallets flagged as being associated with North Korean hackers had engaged in trading on Hyperliquid’s platform. These wallets reportedly conducted transactions involving Ethereum (ETH), leading to liquidations totaling over $700,000. Monahan, in a statement on social media, suggested the activity could have been an attempt to probe the platform’s defenses. The activity triggered fears among users, leading to significant withdrawals of USDC from the platform. According to data from Hashed’s Dune Analytics dashboard, over $194 million in USDC was withdrawn on Monday alone. Hyperliquid Refutes Exploit Claims After the allegations, Hyperliquid Labs has come forward to address the issue via its Discord channel, claiming that there was no hack or exploit. ‘Hyperliquid Labs has noted the rumors circulating with regard to activity on behalf of DPRK addresses.’ To the best of the authors’ knowledge, there has been no DPRK exploit – or any exploit for that matter – of Hyperliquid. All customer funds are accounted for,” the company said. The team also emphasized the operational security that it uphold by using strong bug bounty program and compliance with industry standard in blockchain analysis. According to Hyperliquid Labs, there has been no disclosure of any vulnerability by any security researcher or third party. HYPE Token Volatility Stabilizes The accusations and the subsequent market concerns resulted in the drop of Hyperliquid’s native currency, HYPE. The token fell by more than 25% from $34 on Sunday to $25 on Monday.…
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