- Hack steals $773,000 from Hyperdrive and platform investigates breach and compensates
- Hyperdrive pauses markets following $773,000 hack with recovery plan underway
- $773,000 stolen in Hyperdrive breach as team identifies cause and fixes
According to blockchain security firm PeckShield, a massive security breach has hit Hyperdrive, a decentralized finance project operating on the Hyperliquid blockchain. The attack targeted two accounts within the thBILL markets, resulting in the theft of a staggering $773,000 worth of digital assets.
thBILL, a tokenized version of Treasury Bills (T-Bills) issued by Theo Network, allows users to earn yield on their holdings. However, despite the breach, neither the thBILL token nor the HYPED liquid staking token (LST) was affected by the incident.
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How the Hack Unfolded
The attackers managed to steal 288.37 BNB and 123.6 ETH. They then split the stolen tokens and bridged them to other chains, making it difficult to track and recover the funds. Hyperdrive acted swiftly, pausing all money markets across its platform while it launched an investigation into the breach.
Hyperdrive’s Immediate Response
Hyperdrive confirmed that it had identified the root cause of the vulnerability and implemented a fix. The project reassured users that the hack was limited in scope, affecting only two markets within the ecosystem. The team also announced that they are working on a compensation plan for the affected accounts and expect the platform to be up and running again in approximately 24 hours.
Scam Warnings for Users
Alongside these updates, Hyperdrive urged its users to be cautious of scams that may arise in the wake of the breach. The team emphasized that users should only trust official communications from the project and avoid interacting with the platform’s smart contracts or sending funds until the situation is fully resolved.
Despite the significant financial loss, the breach did not impact the core tokens or the overall functionality of the Hyperdrive platform. The project’s transparency and quick response signal that it is working diligently to restore normal operations and protect user funds moving forward.
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