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Is Hyperliquid Getting Hacked by North Korea?
- Crypto derivatives platform Hyperliquid saw its token, $HYPE, plummet after crypto security researcher Taylor Monahan shared a post alleging it was being targeted by North Korea-linked hackers.
- Monahan suggested the hackers were testing the L2 platform’s security.
- Hyperliquid relies on a small number of validators and as such risks being in danger should the hackers - or another group - breach the system.
- However, Hyperliquid’s team says no exploits have been found and that all user funds are accounted for.
- One analyst said that Hyperliquid could be in trouble with regulators, specifically, he cited the Securities and Exchange Commission, for interacting with users from a sanctioned region.
- Hyperliquid has seen net outflows of around $502m with inflows of around $250m.
- The platform has responded to the claims, reassuring users that it has taken all necessary steps to ensure security and that there is no reason to be concerned.
- However, some analysts continue to suggest that users should remain vigilant.
- If the L2 is hacked, it could lead to a similar situation as other high-profile crypto hacks, such as the $600m Ronin bridge hack that impacted the Axie Infinity platform in 2022.
- As of now, Hyperliquid has not been hacked and investors should be cautious.
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