HyperLiquid, a decentralized exchange and layer-1 blockchain for continuous futures, has recently seen a significant outflow of the USDC stablecoin. This event is being associated with potential interactions by North Korean hackers with the platform. The speculation was raised by Tay, an anonymous observer known for monitoring potential threats to cryptocurrency protocols by North Korea, according to a post on X.

The Dune-based tracker of Hashed Official reported a record outflow of $60 million USDC from the exchange by 10:00 UTC on Monday. As the world’s second-largest dollar-backed stablecoin, USDC is utilized as collateral on the HyperLiquid platform. Despite this outflow, the deposit bridge still maintains $2.2 billion in USDC.

Tay noted that addresses linked to hackers from the Democratic People’s Republic of Korea (DPRK) have accumulated over $700,000 in losses while trading on HyperLiquid. These transactions suggest that the hackers might be getting acquainted with the platform’s infrastructure to potentially initiate a harmful attack. “The DPRK doesn’t trade. They test,” Tay stated.

About two weeks ago, Tay reached out to HyperLiquid, offering assistance in dealing with this potential threat. “I must stress that these DPRK threat groups are the most sophisticated and fastest evolving. They are extremely creative and persistent, and they also manage to acquire 0days, like the one patched by Chrome today,” Tay’s message to the platform read.

HyperLiquid is a dominant player in the on-chain perpetuals exchange market, with over 50% of the total on-chain perpetuals trading volume, which amounted to $8.6 billion in the past day.

The platform launched its HYPE token on November 29. Since then, it has soared over 600% to $28.6, momentarily reaching over $10 billion in market capitalization. At the time of writing, HYPE was ranked as the 22nd largest digital asset globally, as per Coingecko.