Hyperliquid Hits Record $60 Million Outflows Amid Hack Fears

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As a seasoned researcher with over two decades of experience in the digital asset market, I have seen my fair share of turbulence and rumors that ultimately prove to be unfounded. However, the current situation surrounding Hyperliquid is concerning, particularly given the mounting evidence suggesting potential hacking activities by North Korean groups.

The decentralized exchange, Hyperliquid, is experiencing a lot of upheaval recently. In just one day, there have been over 60 million dollars worth of USDC withdrawals due to whispers that hackers from North Korea are reportedly planning attacks on the platform.

Additionally, this event has affected the original coin called HYPE. In the last 24 hours, the value of this alternative currency has dropped more than 10%. It seems that this downward trend may continue.

Hyperliquid Sees Outflow As Hack Rumors Spread

On December 22nd, cybersecurity specialist Tayvano pointed out potential coordinated attacks from North Korea targeting Hyperliquid in a post on their platform. As reported by Tayvano, these hackers have been consistently active on the platform, accumulating losses of approximately $700,000 since they first began trading.

Despite Hyperliquid not providing any formal updates, unverified reports are causing alarm among users, leading to a substantial withdrawal of funds from the DEX. As per data from hashed_official’s Dune Analytics dashboard, USDC withdrawals from Hyperliquid have peaked at $61 million today, setting a new record.

Just as anticipated, the unexpected release of funds has significantly impacted HYPE’s value, causing it to plummet sharply within the last 24 hours. At present, this cryptocurrency is being traded at $29.22, representing a 15% decrease in price.

Furthermore, it’s worth noting that HYPE’s trading activity significantly increased by 64% during the reviewed timeframe, reaching a peak of $671 million – a new record high. The contrast between the token’s price and its trading volume suggests an escalating selling force in the market.

When an asset’s price declines while its trading activity increases significantly, it suggests a high level of sellers trying to unload the asset rapidly. In the case of HYPE, this rapid selling is amplified by rumors about the DEX hack, which is intensifying the asset’s downward trend as the supply exceeds demand.

HYPE Price Prediction: $29.93 Is The Key Level To Watch

Currently, HYPE is being traded at a price lower than its resistance point of $29.93. As selling pressure increases, the token’s value may decline more from this area towards the support established at $26.12. If the bulls fail to hold this level, the negative trend will persist, potentially causing the HYPE token price to fall further to around $22.32.

If the HYPE token surmounts the resistance at $29.93, it might drive the price up towards $35.35, contradicting the bearish argument presented earlier.

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2024-12-23 17:58