Hyperliquid User Loses $21 Million in Private Key Leak
A Hyperliquid user lost $21 million in digital assets after a private key leak, says blockchain security firm PeckShield. The victim’s wallet, 0x0cdC, was drained of 17.75 million DAI and 3.11 million MSYRUPUSDP tokens. The attacker moved the stolen funds to Ethereum, where they are being actively monitored.
Not a Protocol Breach, But User Credential Compromise
The incident is not a protocol-level hack. Instead, it involved a compromise of the user’s private key. Hyperliquid remains fully operational. This case highlights the risks of self-custody and poor key management. A single user error led to multimillion-dollar losses on a decentralized platform.
Rising Scams Targeting Crypto Users
The hack comes amid a rise in scams targeting retail crypto users. Fake apps impersonate trusted Web3 platforms to steal private keys or drain linked wallets. Researchers report scammers buy verified Apple developer accounts, rebrand apps, and exploit user trust in official stores.
- On October 9, two victims lost $28,000 to fake crypto trading apps on Apple’s App Store.
- These scams show how attackers exploit user complacency and trust.
Experts warn that decentralization removes middlemen but places all risk on users. Losing a private key or trusting a fake app can lead to total loss. These events reveal a key challenge in crypto: trust without accountability. As scams move from phishing sites to verified app stores, the human factor remains the weakest link.
