Hypervault Vanishes, Leaving Users in the Lurch – $3.6M Lost! 💸

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Hypervault, that paragon of trustworthiness, has vanished into the ether, leaving behind a trail of $3.6 million in lost funds. Peckshield, ever the vigilant watchdog, noted that most of the loot was spirited away to Ethereum, and then 752 ETH was funneled into Tornado Cash, a place where privacy is as rare as a honest politician. 🐎💸

Hypervault’s Grand Exit: A $3.6M Scam That’s All in the Rug 🧩

Hypervault, a Hyperliquid-based decentralized finance project, has disappeared overnight, resulting in losses of nearly $3.6 million. Peckshield, the blockchain’s own version of a hound dog, alerted about the issue, explaining that it had detected an “abnormal withdrawal” from the project’s vaults. One might say the vaults were more empty than a bank vault after a heist. 🧠

Peckshield also reported that the funds, composed of various tokens, were bridged from Hyperliquid to Ethereum, and then 752 ETH was deposited into Tornado Cash, a privacy-first protocol that’s about as private as a post office box. 🧨

Before it happened, X user HypingBull had warned about potential problems in the protocol, which was still in the stages of having its operation audited by third parties. HypingBull reached out to protocol devs to inquire about the state of these processes, and was told that audits were in progress. “Audits are pending via Spearbit, Pashov, and Code4rena; expected turnaround for the first comprehensive audit is mid-September,” devs allegedly stated. One wonders if the auditors were busy binge-watching Netflix instead. 🧩

Nonetheless, when contacting one of these companies, it denied knowledge of any audits linked to the project. At the time, when the protocol still had only $700,000 in value locked, HypingBull recommended withdrawing all the funds until further clarification. A tip that was as useful as a chocolate teapot. 🍫

X user Doola claims that he had $350,000 invested in the platform, almost 10% of all funds withdrawn. “Will take a break for a while to take all this in and rethink my process going forward,” he stated. A sentiment as common as a broken promise. 🧠

The project front-end is unavailable, and its social media accounts, including X and Discord, have been deleted. HypingBull recommended revoking permissions from the wallets used to connect to Hypervault’s front-end. A move as necessary as a life jacket in a sinking ship. 🚢

According to Defillama, the project registered over $6 million in total value locked (TVL), as users were enticed by the large rewards offered, commonly reaching 80% annual percentage yields (APY). A yield so high, it could make a dandelion blush. 🌸

Hypervault’s demise constitutes one of the first major rug pulls in the HyperEVM ecosystem, and the affected are calling authorities and blockchain sleuths to take action. A call that’s about as effective as a whisper in a hurricane. 🌪️

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2025-09-26 16:33