Withdrawal of $60Mn worth of USDC from HyperLiquid
- Wallet addresses linked to North Korean hackers have allegedly started trading on the HyperLiquid platform
- Trades have resulted in a $700,000 loss, believed to be tests for weaknesses
Concerns have arisen as $60Mn in USDC has been withdrawn from the HyperLiquid trading platform due to activities from wallets associated with North Korea. The platform has seen trades executed by wallet addresses linked to North Korean hacking groups over the weekend.
Testing by DPRK Hacker Groups
An individual familiar with cybersecurity and DPRK hacker groups, named Tay, has pointed out that North Korea doesn’t typically trade but rather tests vulnerabilities. The trades on HyperLiquid, despite resulting in losses, are seen as attempts by hackers to familiarize themselves with the platform.
Identifying HyperLiquid’s Vulnerabilities
Tay has highlighted vulnerabilities within the HyperLiquid Layer-1 blockchain, indicating that with just one line of code access could be gained to the 4 validators, provided hackers exploit “0 days” – software vulnerabilities unknown to developers.
Concerns and Warnings
Warnings have been issued to HyperLiquid to address and strengthen their security measures to prevent potential harm caused by exploiting vulnerabilities in the platform.
HyperLiquid’s Growth and Success
Despite the security concerns, HyperLiquid has emerged as the largest on-chain perpetual trading platform with a substantial user base, deposit volume, and daily trading volume. The platform’s native token, HYPE, has experienced significant growth since its launch, becoming one of the top cryptocurrencies in the market.
