The lending protocol Hyperdrive, part of the Hyperliquid blockchain, suffered yet another cyberattack on September 27, leading to the loss of $782,000 from its liquidity pools. The incident adds to a string of failures that have been undermining the ecosystem’s credibility.
According to the initial investigation, the breach exploited vulnerabilities in the router contract, which granted excessive permissions to the operator. This flaw allowed attackers to manipulate the system and carry out unauthorized withdrawals. Following the exploit, the stolen funds were quickly converted into BNB and ETH and moved off-chain, complicating recovery efforts.
As an emergency measure, Hyperdrive suspended operations to prevent further unauthorized access. Developers pledged to fix the flaw and compensate affected users, though no details of restitution have been disclosed yet.
The episode follows other recent setbacks. In September, HyperVault was compromised, resulting in a $3.6 million loss, while another case of market manipulation caused additional damages. This string of incidents raises serious concerns about the robustness of Hyperliquid’s security.
The increasing frequency of such breaches has heightened pressure from the crypto community for regular audits, stronger security protocols, and greater transparency from developers. Experts warn that without solid protections and clear communication, trust in the ecosystem could face irreversible damage.