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>>A major cryptocurrency trading firm, Hyperliquid, suffered a $21 million loss due to a security breach affecting a user's digital wallet, with exploits specifically targeting perpetual decentralized exchanges.

A major cryptocurrency trading firm, Hyperliquid, suffered a $21 million loss due to a security breach affecting a user's digital wallet, with exploits specifically targeting perpetual decentralized exchanges.

crypthub

4 days ago

Significant Financial Loss

A Hyperliquid trader experienced a targeted attack resulting in a $21 million loss. The majority of the funds, over $17 million, were held in DAI tokens, with the remainder in Maple Protocol stablecoins. The incident involved a compromised private key, leading to the unauthorized transfer of assets. Only the individual trader’s wallet was affected, with Hyperliquid itself remaining secure.

Attack Details and Method

The hacker bridged the stolen funds to Ethereum, immediately liquidating the wallet after a successful trade. The exploit involved multiple vaults on Hyperliquid and activity across Ethereum and Arbitrum. A related wallet linked to the user also suffered an additional $300,000 loss.

Hyperliquid Security and Future Risks

Despite previous concerns about North Korean hacking attempts, Hyperliquid itself has not been compromised, as it operates as a non-custodial exchange. Future risks involve aggressive trading practices and potential draining of specific vaults, particularly those with low liquidity. The situation highlights the vulnerability of individual trader wallets and the ongoing threat of sophisticated attacks.

Ongoing Investigation and Potential Consequences

The cause of the wallet compromise remains unknown, with recent attacks employing various tactics like malware and fake authentication. The trader's compromised wallet may be affected by upcoming airdrops. A list of previously compromised addresses has surfaced, though they currently hold minimal funds.