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Hyperdrive DeFi Project Suffers $773K Crypto Theft, Temporarily Halts Operations

Two markets compromised, $773K stolen. Hyperdrive acts fast to secure remaining funds and plans to resume operations soon.

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In the picture we can see three boys standing near the desk on it, we can see two computer systems...
In the picture we can see three boys standing near the desk on it, we can see two computer systems towards them and one boy is talking into the microphone and they are in ID cards with red tags to it and behind them we can see a wall with an advertisement board and written on it as Russia imagine 2013.

Hyperdrive DeFi Project Suffers $773K Crypto Theft, Temporarily Halts Operations

Hyperdrive, a decentralized finance (DeFi) project on the Hyperliquid blockchain, has experienced a security incident leading to the theft of crypto funds worth approximately $773,000. The incident serves as a stark reminder of the importance of cybersecurity in the DeFi ecosystem.

Two accounts within Hyperdrive's thBILL marketplace were compromised, with hackers making off with 288.37 Binance Coin (BNB) and 123.6 Ethereum (ETH). The stolen funds were redirected to other blockchains, but Hyperdrive's native tokens, thBILL and HYPED liquid staking tokens (LST), remained unaffected.

Hyperdrive swiftly responded to the incident by temporarily suspending all activity on its money market. The project is currently working on a compensation plan for affected accounts and expects operations to resume within approximately 24 hours. The incident was limited to just two markets and did not impact the wider ecosystem.

Investigations into the incident revealed a smart contract exploit. Hyperdrive promptly halted protocol operations to prevent further damage, fixed the identified router contract vulnerability, and implemented immediate contract deactivation and multi-layer security audits to prevent similar incidents in the future. The blockchain investigator ZachXBT uncovered a related security breach involving NFT wallet compromises on Hyperliquid.

Hyperdrive has urged users to be vigilant against potential scams and to rely solely on official communications from the project. The incident has highlighted the need for robust security measures in the DeFi space, with Hyperdrive committed to strengthening its social security protocols to protect users and their funds.

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