A popular leading protocol, Hyperdrive, built on Hyperliquid blockchain, has been troubled by an exploiter. It is reported that it went through a smart contract exploit on September 27, resulting in severe losses.
In X post dated September 28, 2025, Certik Alert said that they have flagged an exploit on Hyperdrive. The bad actor repeatedly exploited an arbitrary call in the router to take users’ funds of 672,934 USDT0 and 110,244 thBILL, with a collective loss of $782k.
On the same day, Hyperdrive’s official X account posted that we are aware of the recent issues affecting the Hyperdrive protocol. This time, we are able to confirm that the issue affects only two primary markets, including the Primary USDT0 Market and the Treasury USDT Market.
Further noting that an investigation is currently ongoing, we are working with leading security and forensic experts and are committed to transparency and will share the full post-mortem once our investigation concludes.
Bad actor converts the stolen assets into BNB & ETH
As reported by Certik Alert 673,000 USDT0 stablecoins and 110,244 thBILL tokens were looted, which were later converted to BNB and Ethereum before moving them off-chain.
In a following post dated September 28, Hyperdrive said it has identified a root cause and corrected the issue. We have also identified the affected accounts and are enacting a compensatory plan shortly. We expect normal market functioning to resume within 24 hours, if not significantly sooner.
This isn’t the first incident with Hyperliquid; earlier in March, a whale was reported to have troubled the protocol by manipulating the price of JELLYJELLY, resulting in a loss of $12 million.
Today, Hyperdrive said that all markets are fully operational and funds have been restored to all impacted accounts. The investigation’s results noted that this was a sophisticated attack by a known threat actor linked to a high-profile attack on other protocols.
Despite troubles, Hyperliquid continued to grow
The Hyperliquid blockchain has continued to grow in 2025, and as of this writing, it has a total value locked of $5.921 billion, which is expected to hit $6.50 billion by the end of this year.
However, Q3 has outperformed all other quarters of 2025 as the fees collected are $284.08 million with a revenue of $277.99 million; September alone made $81.02 million with $78.22 million in revenue.
Yet the fees in August this year was $113.73 million with a revenue of $110.11 million, and July generated $89.33 million in fees with a revenue of $86.65 million.