Hyperliquid’s TVL drops by $1 billion amid North Korean hacking fears
Hyperliquid, a decentralized leveraged trading platform, experienced a total value locked (TVL) decline of over $1 billion in one week, dropping from $3.45 billion to $2.25 billion. This 35% decrease is attributed to concerns over suspicious activities linked to North Korean hackers, leading to a 20% fall in Hyperliquid’s native token value. A significant withdrawal of $70 million USDC on December 23 raised alarms, representing 3% of the platform’s bridged TVL. Security expert Talor Monahan reported increased transactions from North Korean addresses, indicating potential testing of Hyperliquid's platform by hackers, resulting in losses of about $701,000. A Chainalysis report highlighted that North Korean hackers stole $1.34 billion in 2024, marking a significant rise from previous years and suggesting a trend of escalating cyber threats.
