Hyperliquid Sees Unprecedented $60M Exit as Users Fear Potential Hack

In a single day, Hyperliquid has witnessed USDC outflows of $60 million, indicating significant distress. The platform is under scrutiny due to rumors about North Korean hacking groups targeting it. This atmosphere of uncertainty has led to market instability, affecting the value of its native token, HYPE, which has plummeted over 10% in the past 24 hours, with ongoing concerns of further decline.

Cybersecurity expert Tayvano, in a December 22 post on X, detailed on-chain evidence pointing to orchestrated attacks from North Korea against Hyperliquid.

Reports suggest these hackers have been actively exploiting the platform, leading to losses amounting to over $700,000 since their activity began. Although Hyperliquid has not released an official comment, fears of cyberattacks have triggered widespread panic among users, leading to substantial fund withdrawals. Analytics from Dune, provided by hashed_official, indicate today’s USDC outflows from Hyperliquid have surged to $61 million, establishing a new record high.

The abrupt outflow of funds has exerted considerable downward pressure on the HYPE token price, resulting in a sharp drop within the last 24 hours. Currently, the altcoin is valued at $29.22, reflecting a 15% decrease. Furthermore, HYPE's trading volume has escalated by 64%, reaching an unprecedented high of $671 million, highlighting the increased selling activity. This negative divergence between price and volume underscores mounting selling pressure, largely driven by hack speculation. The ongoing sell-off has accentuated the declining momentum as selling continues to surpass buying.

Presently, HYPE trades below the critical $29.93 resistance level. Rising selling pressures may further push the token's price downward towards support at $26.12. Should the bulls fail to uphold this support, the price may descend further to $22.32.

Conversely, overcoming the $29.93 resistance could propel HYPE's price upward to $35.35, challenging the bearish outlook. The unfolding of these events will be crucial in determining the token's near-term trajectory.

The chaos surrounding hacking rumors and financial movements at Hyperliquid continues to unfold, leaving stakeholders keenly observing potential developments and responses.