Hyperdrive Exploited for $773K in Latest DeFi Hack

Users on Hyperdrive, a decentralized finance (DeFi) platform that operates on the Hyperliquid blockchain, have suffered a malicious attack. This occurred on its thBILL market, a tokenized version of the Treasury Bills issued by Theo Network.

Hackers Steal $773K via Cross-Chain Bridges

As per an update by PeckShieldAlert, an on-chain platform that tracks blockchain hacks, the attack resulted in the loss of $773,000 worth of crypto assets. Notably, two accounts were affected in the hack by these malicious actors on the DeFi.

Immediately afterwards, the hackers moved the stolen funds to other blockchains in a bid to make recovery difficult. PeckShieldAlert noted that the attacker “bridged out”. That is, they employed cross-chain bridges to transfer the stolen assets to different networks. They are likely to make a cash out soon.

So far, the hackers have moved 288.37 BNB valued at $281,131 to the BNB Chain. Another 123.6 (ETH) transferred to the Ethereum network is worth approximately $497,120 at the current market price.

This adds to the growing list of security breaches in the crypto sector in recent times. The incident has elicited a prompt response from Hyperdrive.

Hyperdrive Halts Transfers After Security Breach

Notably, Hyperdrive has hit pause on all its money market transfers. This is a precautionary move while investigations are ongoing. As of press time, Hyperdrive says it has been able to trace the cause of the security breach and has rectified it.

Meanwhile, there are talks about determining a compensation plan for the affected accounts. As per Hyperdrive’s statement, the attack was limited to just two markets, and that might help in resolving issues arising from the hack.

Hyperdrive has advised users to exercise caution and be observant while accessing their funds. They warned against engaging with anyone or messages that do not originate from official communication channels as a primary safeguard. Users are hoping to have access to Hyperdrive’s full functionality in another 24 hours.

Growing List of DeFi Exploits Raises Concerns

In July 2025, Arcadia Finance, another DeFi platform on the Coinbase blockchain, lost around $2.5 million. The attackers in that instance targeted the DeFi Rebalancer contract, which allowed the malicious actors to carry out a rogue swap.

The attacker also swapped the stolen tokens for Wrapped Ethereum (EWTH) on the Base network and bridged to Ethereum’s mainnet.