Hyperliquid platform faces phishing attack and major whale liquidation risk

The decentralized perpetuals exchange Hyperliquid has been the subject of both a significant phishing attack and major whale trading activity.

A trader reportedly lost approximately $550,000 in USDC after clicking a fraudulent Google search advertisement designed to mimic the Hyperliquid platform. Security specialists noted that such paid search results are increasingly used by scammers to impersonate crypto services, making it difficult for security teams to contain the threat as attackers frequently replace removed campaigns.

Separately, on-chain analytics have identified a Bitcoin whale on Hyperliquid who partially closed a $114 million short position to avoid liquidation. The trader closed roughly 250 BTC, incurring a realized loss of about $33,400, to adjust the liquidation threshold as Bitcoin's spot price rose. A remaining short position of approximately $98.97 million remains active.