Hyperliquid DeFi Project Hypervault Accused of Rug Pull As $3,600,000 Worth of Crypto Disappears Into Tornado Cash: PeckShield
The decentralized finance (DeFi) project HyperVault is facing rug pull accusations after $3.6 million worth of crypto disappeared from its platform.
HyperVault , built on Hyperliquid’s layer-1 blockchain, billed itself as a project that enabled users to deposit capital that was deployed across DeFi protocols to earn yield.
Early Friday morning, however, the blockchain security firm PeckShield detected an “abnormal” withdrawal of $3.6 million worth of crypto assets and stablecoins.
Peckshield notes the funds were then bridged from Hyperliquid to Ethereum ( ETH ), traded into ETH, and then funneled into the crypto mixer Tornado Cash, a controversial platform that helps users conceal their digital assets.
HyperVault’s X account was also deleted , and the project’s website was down on Friday.
Both PeckShield and the decentralized finance data aggregator DeFi Llama concluded that the project committed a rug pull.
Rug pulls are a deceptive scheme in the crypto space where insiders holding large amounts of tokens hype up a project to attract capital, only to suddenly sell all their holdings, essentially killing the token and rendering the project worthless.
In April, the market intelligence firm DappRadar noted that the web3 sector had already lost nearly $6 billion to rug pulls in 2025, a 6,499% increase from just $90 million during the same period in 2024.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
$PING rebounds 50%, a quick look at the $PING-based launchpad project c402.market
c402.market's mechanism design is more inclined to incentivize token creators, rather than just benefiting minters and traders.

Crypto Capitalism, Crypto in the AI Era
A one-person media company, ushering in the era of everyone as a Founder.

Interpretation of the ERC-8021 Proposal: Will Ethereum Replicate Hyperliquid’s Developer Wealth Creation Myth?
The platform serves as a foundation, enabling thousands of applications to be built and profit.

Data shows that the bear market bottom will form in the $55,000–$70,000 range.
If the price falls back to the $55,000-$70,000 range, it would be a normal cyclical movement rather than a signal of systemic collapse.

