"Hypervault’s $3.6M Exit: A Cautionary Tale for Unaudited DeFi" 改写如下： "Hypervault’s $3.6M Departure: A Warning Story for Unverified DeFi Projects"

PeckShield, a blockchain security company, has reported that $3.6 million was withdrawn from the DeFi project Hypervault, making it one of the most significant rug pulls within the HyperEVM network. The stolen assets were transferred from Hyperliquid to

, swapped for ETH, and then sent through Tornado Cash, a service known for privacy mixing The Block, [ 1 ]. Multiple blockchain investigations have confirmed this transaction pattern, strongly suggesting a deliberate exit scam Cryptonews, [ 2 ]. At the moment of the exploit, Hypervault’s total value locked (TVL) was $5.86 million, according to DeFiLlama Decrypt, [ 3 ].

The abrupt downfall of the project came after its X (Twitter) account, Discord group, and official website were all taken offline, leaving users unable to retrieve their funds BeInCrypto, [ 4 ]. Prior to this, community members had pointed out warning signs, such as developers making false claims about security audits. On September 4, a user named HypingBull revealed that the project’s supposed audits by Pashov and Code4rena were fabricated, as both firms denied any involvement when contacted directly Cryptopolitan, [ 5 ]. Despite these alerts, Hypervault continued to draw in investors by advertising annual returns of 76–95% on stablecoins and HYPE liquidity.

This rug pull highlights the increasing dangers present in DeFi, especially for platforms lacking proper audits. PeckShield’s findings showed that 752 ETH—worth close to $3 million—was funneled into Tornado Cash, a common method for hiding transaction origins The Block, [ 1 ]. This incident is reminiscent of other recent attacks, such as the $4.5 million CrediX Finance rug pull in August 2025 Cryptonews, [ 2 ]. Hyperliquid, the Layer-1 blockchain that supports Hypervault, has come under fire for allowing risky yield projects, with critics warning that such third-party ventures can erode trust in otherwise solid infrastructure Cryptopolitan, [ 5 ].

This event has increased the competitive pressure on Hyperliquid, which has also been challenged by ASTER DEX’s daily trading volume of 13 billion and Trust Wallet’s recent integration. Arthur Hayes, a well-known member of the Hyperliquid community, had previously sold his HYPE holdings for $823,000, citing the risk posed by large token unlocks Cryptonews, [ 2 ]. Although Hyperliquid’s main infrastructure has not been directly affected, the rug pull has raised new concerns about the platform’s governance and vetting of ecosystem projects Cryptopolitan, [ 5 ].

Experts point out that Hypervault’s downfall serves as a warning about the perils of unregulated, high-yield DeFi protocols. The project had promoted itself as a multichain yield optimizer, taking advantage of HyperEVM’s liquidity aggregation Decrypt, [ 3 ]. However, its lack of openness—such as developer anonymity—stood in stark contrast to industry best practices. The situation also raises doubts about the effectiveness of community-driven alerts, as HypingBull’s September 4 warning was largely ignored until after the funds were drained Cryptopolitan, [ 5 ].

This incident may lead to renewed doubts about the DeFi sector as a whole. While Hyperliquid’s TVL remains above $2 billion, the Hypervault case shows that even well-capitalized ecosystems are not immune to bad actors Decrypt, [ 3 ]. Investors are being urged to focus on audited projects and to carefully assess yield promises. As of September 26, the HYPE token was trading at $41.61, down 23% for the week, reflecting the market’s uncertainty Decrypt, [ 3 ].