ZKsync price

Imagine, as an investor passionate about meme coins, Bitcoin, and Ethereum trading, you're eagerly chasing high yields on a DeFi platform when suddenly, your liquidity pool is silently drained, and the project team vanishes into thin air. This isn't a sci-fi story, but a real scene that recently unfolded with Hypervault Finance. On September 26, 2025, this yield optimization protocol based on Hyperliquid exploded with a $3.6 million abnormal withdrawal, with funds quickly bridged to Ethereum and 752 ETH deposited into Tornado Cash, plunging the entire community into panic. The project's website and social media accounts disappeared overnight, and investors buzzed on Discord and X platforms, with some sighing "another rug pull" and others reflecting "how many traps lurk behind DeFi's freedom." As a seasoned editor in the Web3 space, I've witnessed countless similar incidents, from Bitcoin's wild early growth to the current wave of AI and blockchain integration—each storm reminds us: opportunities coexist with risks. This event not only exposes the fragility of DeFi protocols but also sounds an alarm for decentralized exchange enthusiasts—how to balance technological passion with wealth pursuit under the drive of FOMO? Let's peel back the layers of this incident's truth and draw lessons from it to propel the industry toward greater maturity. Detailed Exploration Hypervault Finance was originally positioned as a multi-chain yield optimization hub, focused on providing users with "hands-off" vaults for automatic compounding yields. It leveraged Hyperliquid's ecosystem advantages, routing user deposits through modular strategies to lending, looping, and concentrated liquidity venues, promising higher passive income opportunities. Hyperliquid, as an emerging perpetual contracts exchange, is renowned for its efficient on-chain execution and low-latency trading, attracting a large number of meme coin and mainstream crypto asset traders. Hypervault rode this wave, quickly accumulating about $5.8 million in total value locked (TVL), becoming a rising star in the Hyperliquid ecosystem. However, the good times didn't last long. On September 26, blockchain security firm PeckShield suddenly issued an , pointing out that Hypervault had experienced approximately $3.6 million in abnormal withdrawals. These funds were first bridged from the Hyperliquid platform to the Ethereum network, then swapped into ETH, with 752 ETH directly deposited into Tornado Cash—a mixing service often used to obscure transaction trails. PeckShield described in its report: "We detected approximately $3.6 million in crypto assets from abnormal withdrawals at @hypervaultfi. These funds were bridged from Hyperliquid to Ethereum, swapped for ETH, and then 752 ETH deposited into Tornado Cash." The swift and covert nature of this series of operations inevitably evokes the typical rug pull pattern, where the project team suddenly absconds with funds after accumulating enough. After the incident came to light, Hypervault's official website went offline rapidly, and its X account, Discord server, and other social media channels were deleted, further intensifying investors' panic. Many users shared their experiences on community forums, with some recalling that the project team was still actively engaging just days before the incident, promoting new yield strategies and even encouraging users to increase deposits. This abrupt shift felt like a meticulously orchestrated drama. Community member HypingBull had issued warnings weeks earlier, pointing out issues with Hypervault's audit report and advising users to promptly revoke wallet permissions. "I checked their code and docs; the audit looks 'pending,' but actually no reputable firms like Spearbit or Code4rena were involved," HypingBull wrote on X, "Everyone, hurry and check your approvals; don't leave your funds exposed to risk." Unfortunately, many investors ignored these signals, continuing to chase the allure of high APY (annual percentage yield). The irreversible nature of blockchain was on full display here: once funds are transferred to Tornado Cash, tracking and recovery become nearly impossible. This isn't just a technical challenge but a test of the trust mechanisms in the DeFi ecosystem. Looking back at Hypervault's operational trajectory, it started by touting "multi-chain liquidity" and "flexible yield opportunities" as selling points, attracting players passionate about Bitcoin, Ethereum, and meme coin trading. Hyperliquid, as the underlying platform, provided an efficient decentralized environment, allowing users to seamlessly bridge assets and amplify leverage in perpetual contracts. But as industry observers note, such innovation also amplifies risks. Similar incidents are not isolated; just last month, CrediX Finance suffered a $4.5 million exit scam, with the project team disappearing after promising to restore funds, and all official accounts deleted. These cases repeatedly remind us that rug pulls in DeFi often follow similar patterns: high-yield promotions, active social media presence, sudden withdrawals, and disappearance. Hypervault's TVL had reached its peak before the incident, thanks to the expansion of the Hyperliquid ecosystem, including new points and airdrop projects. But Hypervault itself wasn't listed on Hyperliquid's official tracking list, relying mainly on its high-risk, high-reward strategies to attract funds. After the incident, the Hyperliquid community quickly clarified that the entire ecosystem was unaffected, with the HYPE token price only fluctuating slightly, holding around $42.53. This demonstrates the resilience of mature ecosystems but also exposes the potential pitfalls of third-party protocols. In the DeFi world, such storms often spark broader discussions. Investors are beginning to reflect: how to avoid the traps of FOMO emotions while pursuing wealth visions? First, the importance of audits cannot be overlooked. Hypervault claimed audits were "pending," but actual investigations revealed no involvement from any reputable audit firms. This runs counter to industry best practices—like decentralized exchanges such as Aave or Uniswap, which typically build trust through multiple rounds of reviews by several audit institutions. Second, wallet permission management is a key link. HypingBull's advice wasn't unfounded: in DeFi interactions, users often grant smart contracts unlimited approvals, equivalent to handing keys to strangers. Once the project team acts maliciously, funds vanish instantly. Community experts recommend using tools like Revoke.cash to regularly check and revoke unnecessary approvals, which can significantly reduce risks. Additionally, the fragility of bridging mechanisms deserves vigilance. Hypervault's funds were transferred to Ethereum via cross-chain bridges like DeBridge, which, while facilitating multi-chain operations, have become hot targets for hackers and rug pulls. Since 2024, multiple bridging protocols have been attacked, resulting in losses of hundreds of millions of dollars. Security firms like PeckShield emphasize in reports that funds post-bridging are often quickly swapped and mixed, making accountability extraordinarily difficult. Despite the significant negative impact of the incident, we cannot ignore the positive side of DeFi. Hyperliquid, as an emerging force, is challenging the hegemony of traditional centralized exchanges, with its HyperEVM extension providing lower gas fees and higher throughput for meme coins and leveraged trading. This allows Bitcoin and Ethereum enthusiasts to participate more efficiently in market trends. For example, in the recent AI+Web3 integration trend, Hyperliquid-supported perpetual contracts enable users to leverage trade AI tokens, capturing wealth opportunities from short-term fluctuations. Industry dynamics show that despite frequent rug pulls, DeFi's total TVL continues to grow steadily, reaching hundreds of billions of dollars. Reports from The Block point out that the rise of protocols like Hypervault embodies DeFi innovation—through keeper-bots for automatic harvesting and strategy adapters, users can achieve optimized asset allocation without manual intervention. This provides valuable case studies for researchers: how to design more secure vault architectures? Perhaps in the future, transparency can be enhanced through DAO governance or multi-signature wallets. Shifting the narrative to a real story: an anonymous investor shared his experience after the incident. He had originally deposited part of his ETH into Hypervault's vault, expecting APY returns above 20%. "I was captivated by their promotions, thinking this was the next big opportunity," he wrote in a community post, "but when I saw PeckShield's , it was all too late." This story isn't isolated; it reflects the journey of countless traders—from excitement to frustration, then to reflection. Similarly, in meme coin hype, we often see FOMO-driven frenzy, but successful investors are always those who focus on fundamentals: checking code openness, community activity, and audit reports. The Hypervault incident has also prompted industry introspection, with the Hyperliquid community starting to emphasize the "personal risk" principle, reminding users: depositing into vaults is like gambling, and one must act within their means. At the same time, this has sparked innovative enthusiasm, such as developing more advanced monitoring tools like real-time on-chain systems to help users withdraw before anomalies occur. On a deeper level, this incident highlights the core allure and challenges of decentralized exchanges. Unlike centralized platforms like Binance, decentralized exchanges offer true asset control, allowing users to trade Bitcoin, Ethereum, or meme coins without KYC. But this also means lacking the buffer of centralized regulation, amplifying rug pull risks. Latest developments show that in 2025, the DeFi space is evolving toward greater compliance, such as introducing zero-knowledge proofs (ZK) to enhance privacy without sacrificing transparency. The use of Tornado Cash, though controversial, also embodies blockchain's privacy value—in the Hypervault case, it became a double-edged sword, helping hide funds but also exposing the project team's intentions. Investors can learn from this: choose platforms with strong community backing, like Uniswap or PancakeSwap, which ensure long-term sustainability through liquidity pools and governance tokens. Alarm and Opportunities The $3.6 million abnormal withdrawal incident at Hypervault Finance serves as a mirror, reflecting the complexity and allure of the DeFi ecosystem. It reminds us that caution always comes first when chasing technological innovation and wealth visions. Community members' warnings, PeckShield's timely s, and lessons from similar incidents are all driving the industry toward safer and more transparent development. Despite the difficulties in fund recovery, blockchain's resilience lies in its community power—investors can build a healthier ecosystem by educating themselves and participating in governance. For those traders passionate about meme coins, Bitcoin, and Ethereum, this isn't the end but a new beginning: choose reliable decentralized exchanges, embrace innovation while safeguarding your assets. In the future, Web3 will bring more opportunities; let's move forward with a positive mindset and collectively write the narrative of this era.