Hyperliquid, a Layer 1 blockchain, and decentralized exchange, faced sharp declines in token value and total value locked (TVL) over the weekend after reports surfaced of potential involvement by North Korean hackers.
Security expert Taylor Monahan flagged suspicious wallet activity linked to the Democratic People’s Republic of Korea (DPRK) on Dec. 22, triggering a 20% drop in the HYPE token price and TVL.
Monahan, who collaborates with MetaMask, revealed that DPRK-associated addresses had been liquidated for $458,000 on Hyperliquid.
In her posts, Monahan warned that the DPRK’s activity suggested reconnaissance rather than trading, writing that “DPRK doesn’t trade. DPRK tests,” hinting at a potential future attack.
Hyperliquid’s TVL fell to $2.05 billion, down from $2.56 billion, while the HYPE token dropped from $34 to $27 before making a partial recovery.
The Hyperliquid Labs team denied any breach in an official statement on Discord, saying:
“There has been no DPRK exp
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