Another DeFi mirage disappears.
By Maxime Laurent · 2025-09-26 12:44
Another DeFi mirage disappears.
Hypervault just pulled an exit scam, draining $3.6M from users and vanishing without a trace.
Here’s the play: funds were bridged from Hyperliquid to Ethereum, swapped into $ETH, then about 752 ETH (~$3M) funneled straight into Tornado Cash. Classic laundering move. Meanwhile, the project’s socials? Poof. Deleted.
I’ve been in crypto long enough to see this movie too many times. A shiny new protocol promising insane yields, sleek UI, maybe a few “audit” badges slapped on… and then, when liquidity looks juicy, the devs disappear faster than a mistral wind. 🌬
The lesson never changes: DeFi is still the Wild West. Yes, it’s full of innovation and brilliant mechanisms, but also of opportunists waiting for the right moment to rug. If you don’t hold the keys, you don’t really hold the money. And if a protocol hasn’t built long-term trust and transparency, you’re essentially gambling.
It hurts, because every rug erodes trust in the space we’re trying to build. But at the same time, it reminds us why $BTC and $ETH — the battle-tested giants — remain the core, while experiments like Hypervault are just that: risky experiments.
#DeFi #RugPull #ETH #Security #CryptoRisks
Hypervault just pulled an exit scam, draining $3.6M from users and vanishing without a trace.
Here’s the play: funds were bridged from Hyperliquid to Ethereum, swapped into $ETH, then about 752 ETH (~$3M) funneled straight into Tornado Cash. Classic laundering move. Meanwhile, the project’s socials? Poof. Deleted.
I’ve been in crypto long enough to see this movie too many times. A shiny new protocol promising insane yields, sleek UI, maybe a few “audit” badges slapped on… and then, when liquidity looks juicy, the devs disappear faster than a mistral wind. 🌬
The lesson never changes: DeFi is still the Wild West. Yes, it’s full of innovation and brilliant mechanisms, but also of opportunists waiting for the right moment to rug. If you don’t hold the keys, you don’t really hold the money. And if a protocol hasn’t built long-term trust and transparency, you’re essentially gambling.
It hurts, because every rug erodes trust in the space we’re trying to build. But at the same time, it reminds us why $BTC and $ETH — the battle-tested giants — remain the core, while experiments like Hypervault are just that: risky experiments.
#DeFi #RugPull #ETH #Security #CryptoRisks
Disclaimer: This content is for informational purposes only and not financial advice.