In another shocking on-chain exploit, blockchain security firm PeckShieldAlert has revealed that an address linked to the Hyperliquid platform suffered a massive loss of approximately $21 million in crypto assets.
The incident reportedly took place after the attacker managed to compromise the wallet’s private key, allowing full access to the victim’s fund.
Hyperliquid’s Victim wallet lost $21 million
According to PeckShield’s on-chain data the hacker transferred 17.5 million DAI and 3.11 million SYRUPUSDP from the victim’s wallet. Shortly after stealing the money, the hacker quickly transferred the assets across chains, making them harder to trace.
However, the chunks of money are now sitting in different Ethereum wallets, and researchers believe they could soon be swapped or further laundered.
PeckShield also shared screenshots showing several wallet addresses linked to the incident, each reflecting traces of the stolen tokens being transferred, exchanged and distributed, a pattern often seen in money laundering attempts after major crypto heists.
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How the hacker got in
What stands out about this hack is the precision of the attack. Unlike smart contract bugs or exchange exploits, this attack occurred due to a private key leak. This means that the attacker gained direct access to the wallet’s credentials. Such leaks often occur due to phishing links, malware, or insecure key storage.
Security experts have long warned that high-value accounts should always use cold wallets or multi-signature protection to prevent such incidents.
As investigations continue, PeckShield has urged all merchants and project teams to remain alert, avoid clicking on suspicious links and store private keys offline.
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Frequently asked questions
A wallet linked to Hyperliquid lost $21 million worth of crypto due to a compromised private key, and not due to a flaw in the platform’s smart contracts or code.
Always use a hardware wallet for large amounts, enable multi-signature security, and never share your seed phrase or click on suspicious links.
The biggest risks are related to user error: private key leakage, phishing, and insecure hot wallet storage, rather than protocol-level errors.
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