Tech

Hypervault Vanishes With $3.6M — DeFi Rug Pull Exposed

4 hours ago
Bitcoin Ethereum News

Key Notes

  • Hypervault saw $3.6 million drained and routed through Tornado Cash.
  • Website and all social media accounts suddenly deleted.
  • Auditors deny any involvement despite Hypevault’s earlier claims.

About $3.6 million has disappeared from the DeFi platform Hypervault, sparking fears of a classic rug pull. As per a recent X post by blockchain security firm PeckShield, the stolen funds were first bridged from Hyperliquid to Ethereum

ETH
$3 936



24h volatility:
2.1%


Market cap:
$474.59 B



Vol. 24h:
$54.88 B

, then swapped for ETH.

Soon after, around 752 ETH, nearly $3 million, was sent through Tornado Cash

TORN
$11.71



24h volatility:
3.5%


Market cap:
$44.25 M



Vol. 24h:
$3.54 M

, a service often used to hide stolen funds.

Hypervault’s entire online presence disappeared almost immediately after the suspicious transfers.

The project’s website became inaccessible, its X account @hypervaultfi was deleted, and its Discord channel was taken offline. Investors trying to access promotional links now find only dead pages, suggesting that the team behind the platform may have exited with user funds.

Prior to the incident, Hypervault had marketed itself as an “unmanaged” auto-compounding vault system. It promised annual yields of up to 76% on stablecoins and 95% for HYPE

HYPE
$42.84



24h volatility:
2.2%


Market cap:
$11.60 B



Vol. 24h:
$1.08 B

liquidity pools.

At the time of the suspected exploit, the platform held roughly $5.91 million in total value locked (TVL) across over 1,100 depositors, according to DeFiLlama.

Red flags over audits and security

Hypervault had portrayed itself as a long-term project, sharing plans to lower yields for sustainability and even launching a new crypto token later this year. Developers claimed an audit was underway with well-known security firms Spearbit, Pashov, and Code4rena.

However, when community members contacted the mentioned auditors, Pashov replied that they had never heard of Hypervault. Code4rena’s website also listed no pending audits for the protocol. These discrepancies triggered early warnings from crypto investors.

HypingBull publicly called the project’s actions “shady” earlier this month and withdrew funds before the platform went offline.

Despite these alerts, Hypervault continued to operate normally until the final hours, encouraging users to explore other HyperEVM protocols and suggesting an imminent official audit. The abrupt shutdown and untraceable transfers now point to a likely exit scam.

Not the first rug pull of 2025

The Hypervault collapse is only the latest in the list of high-profile rug pulls this year. Earlier in August, the Test Token (TST), a meme coin that originated from a Binance tutorial, abruptly drained investor funds in a 15-minute price freefall, leaving holders with worthless tokens.

Earlier this year, First Lady Melania Trump-linked meme coin, Official Melania Meme

MELANIA
$0.16



24h volatility:
1.8%


Market cap:
$125.42 M



Vol. 24h:
$5.51 M

was accused of a similar exit scam. This suggests how even projects with famous names or heavy promotion can suddenly vanish.

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Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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Source: https://www.coinspeaker.com/hypervault-rug-pull-3-6m/