On the HyperVault platform, launched on the Hyperliquid blockchain, a classic rug pull occurred. Developers withdrew around $3,6 million and removed all official communication channels.
According to PeckShieldAlert, suspicious transactions were first detected when funds were transferred from Hyperliquid to Ethereum. The assets were then converted into ETH, after which 752 ETH were sent to the Tornado Cash mixer to conceal the trail.
The official HyperVault account on X no longer exists, and the project’s Discord server was deleted. The platform’s website is also offline, with all signs pointing to the team’s complete disappearance with stolen funds.
Warning Signs Appeared in Early September
The first red flags emerged on September 4, when a user named HypingBull drew the community’s attention to questionable developer claims about undergoing an audit. HyperVault stated that it worked with Spearbit, Pashov, and Code4rena. However, verification showed that none of these companies had collaborated with the project.
A representative from Pashov said that they had “never heard of a project with that name.” The Code4rena website also had no references to audits involving HyperVault.
At that time, the protocol held about $700,000 in user funds. HypingBull directly advised users to withdraw assets, but the warnings went largely ignored.
Experts note that HyperVault repeated a typical fraudulent DeFi pattern: promises of high returns, lack of team transparency, fake audits, and sudden disappearance. Control of the multisignature wallet allowed developers to gain full access and drain the funds.
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