The post Hyperliquid Token Falls 21% Following North Korean Hacking Concerns appeared on BitcoinEthereumNews.com.

TLDR HYPE token dropped 21% following reports of potential North Korean hacker activity on Hyperliquid platform Security expert Taylor Monahan identified suspicious wallet activity, suggesting North Korean hackers are probing for vulnerabilities Hyperliquid completed a $1.6 billion token airdrop in November 2024, reaching $11 billion market cap Platform runs on just four validators, raising security concerns among experts Over $211 million in USDC withdrawn from platform amid security fears A wave of concern swept through the cryptocurrency community as security experts identified potential North Korean hacker activity on the Hyperliquid trading platform, leading to a 21% drop in its HYPE token price and unprecedented withdrawals of user funds. The situation began unfolding when Taylor Monahan, a security expert at MetaMask and specialist in tracking North Korean crypto activities, revealed that a wallet linked to North Korean hackers had lost approximately $500,000 while trading on Hyperliquid. According to Monahan, this trading activity likely represents an attempt to probe the platform for security weaknesses. DPRK’s trading career is…uh….going…..🙈 tbh if i was the dude managing Hyperliquid’s 4 validators (or those fucking ghetto ass binaries on gh) I would be shitting my pants right now. Hyperliquid dudes dont seem worried at all though so im sure its fine. 🫠 pic.twitter.com/JrrU7t1sJe — Tay 💖 (@tayvano_) December 22, 2024 Hyperliquid, which launched its native HYPE token through a $1.6 billion airdrop in November 2024, has rapidly grown to become one of the largest players in decentralized finance. The platform operates on its own high-speed blockchain built on top of the Arbitrum network, an Ethereum layer-2 solution. The platform’s market success has been remarkable, with HYPE tokens reaching a market capitalization of over $11 billion during the weekend. However, this success may have attracted unwanted attention from state-sponsored hacking groups. HyperliquidHYPE Price Security experts have pointed…

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Filed under: News - @ December 23, 2024 7:24 pm