Rumors of a hack on the decentralized exchange Hyperliquid by North Korea’s Lazarus Group have shaken the crypto exchange world. Users quickly withdrew $60 million, or around IDR 972 billion, from the platform. Hyperliquid acted swiftly to deny these rumors.
One of Hyperliquid’s executives revealed that there was no exploitation by North Korea or any other form of exploit on the platform, according to a post on Discord. All user funds would be accounted for.
The executive further stated that Hyperliquid Labs takes operational security (OpSec) seriously. No vulnerabilities have occurred or been exploited by anyone. For further clarification, there has never been any suspected exploitation on Hyperliquid. However, no official statement has been made by Hyperliquid yet.
On-Chain Data Shows a Different Picture
On-chain data from December 23rd reveals evidence of large fund transfers to wallets associated with North Korea. The data shows that North Korean-linked wallets collectively deposited $476,000 or around IDR 7.7 billion in Ethereum (ETH) tokens and then withdrew them.
While this doesn’t provide concrete signs of an exploit, it raises questions as to why such a large volume of outflow occurred from these suspicious wallets.
This was addressed by MetaMask security expert, Taylor Monahan, who urged caution, suggesting that Hyperliquid should take the threat seriously. After all, Lazarus Group has stolen nearly $900 million, or around IDR 14.5 billion. This hacking incident has been marked as one of the largest crypto hacks of 2024.
“I really want to emphasize that they are the most sophisticated and rapidly developing group of all the North Korean groups. They are extremely creative and persistent,” Monahan claimed.
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