Hyperliquid Denies North Korea Hacker Exposure, HYPE Token Jumps 10%

• Reports emerged of Hyperliquid being exploited by North Korean hackers.
• Hyperliquid denied any such vulnerability, adding that all funds are safe.
• HYPE token has surged by 10% in the past 24 hours.

Hyperliquid (HYPE), a blockchain protocol focused on the performance of decentralized finance (DeFi) applications, has witnessed a whopping $256 million in outflows following reports of North Korean hackers trading on the platform. However, HYPE, the native cryptocurrency of the Layer 1 network, has seen a  massive 10% gain in 24 hours.

North Korean hackers do not have to engage with the users’ funds in order to breach security, highlighted Taylor Monahan, a security expert at prominent software crypto wallet Metamask, while adding that there are significant vulnerabilities in Hyperliquid’s system. It is important to note that DPRK’s Lazarus Group is known for actively exploiting digital asset protocols.

Hyperliquid net outflows top $250M amid fears over North Korea hackers

Hyperliquid has seen over $256 million in net outflows as security experts revealed that North Korean threat actors had been trading on the platform.#Norque #NOQ #Bitcoin #ETH #AI #Blockchain

— NORQUE-NOQ (@NorqueNoq)
December 24, 2024

Read also : HYPE, VIRTUAL, and ONDO: Altcoins Defining the Crypto Bull Run

In response to the news, Hyperliquid denied being exposed to North Korean hackers, adding that all the users’ funds are accounted for. The platform confirmed that “no vulnerabilities have been shared by any party” because there is a massive bounty program for developers and coders who report bugs in the protocol. 

Interestingly, many people on X (formerly Twitter) discussed the possibility of North Korean hackers not touching the users’ funds but using the protocol for their own goals. Others noted the similarity in Hyperliquid denying any vulnerability and the collapse of Do Kwon’s Terra ecosystem and crypto lending platform Celsius.

HYPE Token Price Action

As the broader digital asset market turned bullish, except Bitcoin which trades at $94K, HYPE also surged above the $30 price tag after a 10% price surge in the past 24 hours. The cryptocurrency aims to enter the top 20 with a market cap of $8.12 billion and has gained 836.86% in the last 30 days.

The 4-hour chart below remains bullish for Hyperliquid while the Relative Strength Index (RSI) reads a value of 53.19 which means that the buying pressure for the HYPE token remains higher than the selling pressure. The gradient of the line suggests that a retest of $35 might be possible in the near future.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.