Hyperliquid Disputes Hack Claims, Attributes Outage to Traffic Spike
The developer team of the decentralized exchange Hyperliquid has clarified that a recent outage was not due to a hack, but rather a spike in traffic affecting their API servers.
Incident Overview
- On July 29, 2025, Hyperliquid experienced an API outage lasting over 30 minutes.
- Traders reported issues with order execution starting at 14:10 UTC.
- The security team investigated and confirmed no evidence of a breach.
- By 14:47 UTC, trading resumed normally.
- The status page acknowledged the outage as caused by increased traffic, not a hack.
Market Impact
- The native token HYPE dropped 2.92% and is currently trading at $43.10.
- 24-hour trading volume decreased by over 10%, now at $501.74 million.
Recent Achievements
- Prior to the outage, Hyperliquid reported over $1.571 trillion in 12-month trading volume.
- In June, it generated $56 million in fees, totaling $310 million in cumulative revenue.
- Sonnet BioTherapeutics, Inc. agreed to merge with Rorschach I LLC to form Hyperliquid Strategies, holding 12.6 million HYPE tokens and $305 million cash, totaling $888 million.