A Hyperliquid user recently suffered a cyberattack resulting in losses exceeding $20 million, highlighting ongoing risks in the crypto space. The incident occurred after the user’s private key was compromised, allowing hackers to drain funds from the account. The victim, known under the pseudonym mlmabc, confirmed the breach on social media.
Data from Hypurrscan shows that approximately 11 hours before the attack, the user closed a $16 million long position in the HYPE token and sold 100,000 HYPE for roughly $4.4 million. Soon after, the wallet’s assets were completely emptied. In total, about $17 million was stolen from the Hyperliquid account, with an additional $3.1 million taken from the Plasma Syrup Vault.
The stolen funds were transferred to a wallet at address 0xF4bE227b268e191b79097Daad0AcCcD9a7A7FAD2. Hackers converted the USDC to DAI and split the proceeds across two new wallets, while $3.11 million in MSYRUPUSDP was sent to another address.
This is not Hyperliquid’s first major security incident. In March 2025, a single Ethereum whale transaction caused the platform to lose $4 million in a single day, despite the trader earning nearly $1.9 million. By September 2025, PeckShield analysts documented over 20 significant attacks on crypto projects, totaling around $127 million in losses, involving UXLINK, SwissBorg, Venus, Yala, and GriffAI.
Experts note that hackers increasingly exploit social engineering and advanced technical methods. Recent research from ReversingLabs identified malware hidden in Ethereum smart contracts, making detection more difficult. Similarly, MetaMask users have fallen victim to EIP-7702 exploits following private key leaks—a tactic likely mirrored in the Hyperliquid attack.
According to Elliptic, North Korean hackers alone have stolen over $2 billion in crypto assets in 2025, nearly triple the total from 2024. Analysts warn that individual investors are becoming prime targets.
In response, TRM Labs launched Beacon Network, the world’s first real-time crypto crime response system, with support from Binance, Coinbase, PayPal, and other major industry players.
