Addresses linked to North Korean hackers, potentially probing the exchange for weaknesses, have accumulated losses exceeding $700,000, according to an analyst.
HyperLiquid, a decentralized exchange and layer-1 blockchain designed for perpetual futures (perps), has seen a significant outflow of USDC amid concerns that North Korean hackers are engaging with the platform. This was highlighted by Tay, a pseudonymous observer recognized for monitoring North Korean cyber threats to crypto protocols, in a post on X.
By 10:00 UTC on Monday, HyperLiquid experienced a record $60 million outflow of USDC, based on data from Hashed Official’s Dune-based tracker. USDC, the second-largest stablecoin by market capitalization, is used as collateral within HyperLiquid’s ecosystem. The platform’s deposit bridge still holds $2.2 billion in USDC.
Tay noted that the addresses linked to North Korean hackers have racked up losses exceeding $700,000 while interacting with the exchange. This suggests that the hackers may be testing the platform’s operations as part of an effort to prepare for a future attack.
“DPRK doesn’t trade; they test,” Tay remarked.
CoinDesk reached out to HyperLiquid via X for comment regarding the outflows and potential North Korean threats.
Tay also mentioned they had contacted HyperLiquid two weeks ago, offering assistance in protecting the platform against potential security risks. “I want to stress that these DPRK groups are among the most advanced and rapidly evolving in the cyber world. They are persistent, creative, and capable of exploiting 0days, such as the recent Chrome vulnerability,” Tay’s message to HyperLiquid read.
HyperLiquid has become the leading on-chain perpetuals exchange, making up over 50% of total on-chain perpetuals trading volume, which totaled $8.6 billion in the past 24 hours.
The platform launched its native token, HYPE, on November 29. Since then, HYPE has surged more than 600%, reaching $28.6, and briefly surpassed $10 billion in market capitalization. As of now, HYPE is ranked the 22nd largest cryptocurrency by market cap, according to Coingecko.
