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3.6 million dollars gone: HyperVault suspected of rug pull!
DeFi project HyperVault is accused of rug pull after $3.6 million in crypto disappeared.
3.6 million dollars gone: HyperVault suspected of rug pull!
DeFi project HyperVault is under fire after a whopping $3.6 million in crypto assets disappeared from its platform. This pre-existing suspicion of a rug pull caused concern within the crypto community. The incident was discovered on Friday morning by blockchain security firm PeckShield, which documented an “abnormal” withdrawal of funds. HyperVault operates on the Layer 1 blockchain Hyperliquid and offered its users the ability to deposit capital that was used to generate yield in DeFi protocols, such as Daily Hodl reported.
Security firm PeckShield determined that the stolen funds were first transferred from Hyperliquid to Ethereum (ETH), then exchanged for ETH and finally funneled into crypto mixer Tornado Cash. Additionally, HyperVault's X account was deleted and the project website was no longer accessible on Friday. Both PeckShield and DeFi data aggregator DeFi Llama unanimously concluded that it was a rug pull.
What is a Rug Pull?
Rug pulls are fraudulent schemes common in the crypto space. This is when insiders hold a large amount of tokens to attract capital from investors and suddenly sell their holdings, resulting in a dramatic loss for investors. This specific HyperVault incident adds to the alarming trend that the Web3 sector has already lost nearly $6 billion to rug pulls in 2025. This represents an increase of 6,499% compared to $90 million in the same period last year.
Critical situation for the Web3 sector
The dramatic increase in such fraudulent incidents raises serious questions about the security and trustworthiness of DeFi projects. Investors should be extremely careful when selecting platforms and handling crypto assets. The events surrounding HyperVault highlight the ongoing risks in the DeFi space and the need for robust security systems.
Finally, it remains to be seen what further steps will be taken by the investigative authorities and the affected parties to hold those responsible accountable and improve security in the crypto world. Developments in this case will be followed with great interest as they could potentially have far-reaching implications for confidence and investment behavior within the sector.