The news of a large-scale theft has shaken the cryptocurrency community: the owner of a wallet associated with the Hyperliquid platform lost more than $20 million after his private key was compromised. A user with the nickname mlmabc reported this.
According to Hypurrscan, the user closed a $16 million long trade in HYPE tokens and sold 100,000 HYPE for about $4.4 million about 11 hours ago. After that, the wallet suffered a complete “destruction” of assets.
According to preliminary data, the attackers gained access to the private key, which allowed them to withdraw all the funds. In total, about $17 million was lost from the Hyperliquid account, and another $3.1 million, deposited in the Plasma Syrup Vault.
After the hack, all assets were transferred to a wallet with the address 0xF4bE227b268e191b79097Daad0AcCcD9a7A7FAD2.
The hacker exchanged the stolen USDC for DAI and distributed the funds between the two new wallets. In addition, $3.11 million MSYRUPUSDP was also transferred to another address.
Similar cases have already happened to the platform. For example, in March 2025, a whale of a deal on Ethereum worth more than $335 million resulted in Hyperliquid’s losses of $4 million per day, although the trader himself earned almost $1.9 million.
Later, in September 2025, PeckShield analysts recorded more than 20 large-scale attacks on crypto projects with a total loss of about $127 million, including UXLINK, SwissBorg, Venus, Yala, and GriffAI.
According to reports, hackers are increasingly using social engineering and new technical methods to steal crypto assets. For example, ReversingLabs researchers recently reported cases where malware was hidden in Ethereum smart contracts, making it difficult to detect.
In particular, a MetaMask user lost his WLFI tokens due to an attack that used the EIP-7702 exploit after a private key leak, a similar scheme that could have been used this time with Hyperliquid.
According to Elliptic, in 2025 alone, North Korean hackers stole over $2 billion in crypto assets, which is almost three times more than in 2024. Experts emphasize that “attackers are increasingly targeting private investors.”
In response to the threat, analytical company TRM Labs announced the launch of Beacon Network, the world’s first instant response system for cryptocurrency crimes. Binance, Coinbase, PayPal, and other major market players have already joined the initiative.