Hyperliquid: A crypto trader loses 21 million dollars following a private key leak

The crypto market shows signs of recovery, but vigilance is dangerously waning. A semblance of a bull market, and some are already letting their guard down. Yet, even without a price drop, danger lurks. A trader just paid the price on Hyperliquid. His mistake? An exposed private key. The result? 21 million dollars vanished. In this decentralized Wild West, keeping your assets is an art… one many learn the hard way.

Hyperliquid in full boom: targeted attacks are no longer rare

On Hyperliquid, everything was going smoothly. The trader in question had just closed a long position worth 16 million dollars on HYPE. A winning position, liquidated immediately with the sale of 100,000 tokens for 4.4 million. Just after, his crypto wallet was emptied.

The attack is precise: 17.75 million DAI and 3.1 million MSYRUPUSDP disappear. No flaw in the Hyperliquid protocol, no widespread hack. Simply a compromised private key, a door left ajar.

The DEX, however, continues to run. With over 3.5 billion dollars in weekly volume and 94,000 addresses rewarded by the airdrop, Hyperliquid attracts attention… but not only from enthusiasts. Some hunt for well-filled wallets.

On social media, the case makes noise. PeckShield confirms the exploit. Other users wonder: are perpetual DEXs, too transparent, becoming hunting grounds for hackers? When everything is visible, everything is also vulnerable.

And while the emptied wallet dies, the crypto market continues its rise.

Crypto, sovereignty and solitude: risks of full autonomy

In the crypto universe, no bank, no insurance, no hotline. Lose your private keys? You lose your funds. That’s the rule. And on Hyperliquid, this rule struck again. It’s not a bug, it’s the deal: more freedom, more responsibility.

The attack likely came from a human factor:

• Phishing or fake 2FA;
• Malicious extensions or trapped API;
• Too many permissions left active.

Experts repeat: you must separate your uses, protect your accesses and leave nothing lying around.

What this incident teaches us (in numbers):

• 21 million stolen via a single address;
• Hyperliquid: 3.5 billion $ volume in 7 days;
• Massive airdrop: 94,000 addresses concerned;
• Solution: check Etherscan Token Approvals to limit authorizations.

Worse still: despite the theft, the compromised address could receive other tokens. Because Hyperliquid rewards on-chain activity, not identity. In this ecosystem, code is king, whether it serves or betrays you.

Having crypto is good. Keeping it is better. Because in the decentralized jungle, a simple click can be enough to lose it all. Here are the 10 best tips to secure your bitcoins.