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Hyperliquid Labs firmly denied allegations of exploitation by wallets linked to North Korea, emphasizing their commitment to user safety. The company noted a rise in security concerns following suspicious trading activities involving these wallets.
North Korean Hackers
Following claims from security expert Taylor Monahan, wallets associated with North Korean hackers were reported to have conducted transactions on the Hyperliquid platform. These wallets reportedly executed Ethereum (ETH) 
$2,215 transactions that led to liquidations exceeding $700,000.
“To our knowledge, there has been no DPRK exploitation on the Hyperliquid platform. All customer funds are securely protected.” -Hyperliquid Labs
In a statement via their Discord channel, Hyperliquid Labs asserted that there have been no exploits or security vulnerabilities. They highlighted their operational security, backed by a robust reward program and industry-standard blockchain analysis.
HYPE Token Fluctuation
The allegations and investor concerns led to a decline in the value of Hyperliquid’s cryptocurrency, HYPE. However, reassurances regarding the safety of user funds helped stabilize the token‘s value.
Hyperliquid Labs stands as a leading platform in decentralized finance (DeFi), holding over 55% market share. Despite recent fluctuations, the platform appears to be regaining investor confidence.
While the company denied the exploitation claims, they are also said to be at risk due to having a limited number of validators. Security experts warned that if three out of four validators are compromised, full access to funds could be achieved. They suggested measures like blacklisting hacker-associated addresses and reverting malicious transactions, though these approaches raise decentralization concerns.
In conclusion, Hyperliquid Labs continues to assert its platform’s security amid the allegations, focusing on safeguarding user funds.
The strong security measures and protection of user funds are viewed as significant trust factors for potential future investors.
