While Hyperliquid's Hyperdrive lending protocol suffered a $782,000 exploit, the platform's Hypurr NFT collection surged to $45 million in trading volume, capturing the crypto community's attention.
Key Takeaways:
- A smart contract vulnerability in Hyperdrive led to the theft of approximately $782,000 from two liquidity pools.
- The exploit marks the third major security breach in the Hyperliquid ecosystem this year.
- Despite the security setback, the launch of the Hypurr NFT collection on HyperEVM generated over $45 million in trading volume.
Last Saturday, September 27, 2025, Hyperdrive, a lending protocol on the Hyperliquid blockchain, experienced a significant exploit. Attackers exploited a vulnerability in the protocol's smart contract, specifically targeting an arbitrary call in the router.
CertiKAlert reported the exploit on X (formerly Twitter), noting that the attacker drained 672,934 USDT0 and 110,244 thBILL from the protocol's liquidity. In Hyperdrive’s update, it acknowledged the "recent issues," where it confirmed that only two markets were affected: the Primary USDT0 Market and the Treasury USDT Market, and urged the community to "Stay Vigilant!"
In response, Hyperdrive paused its operations to contain the damage and identify affected accounts. The team has pledged to compensate users and is working on a detailed postmortem of the incident.
Hypurr NFT Collection Achieves $45M Trading Volume
Amid the security concerns, Hyperliquid's Hypurr NFT collection launched on the HyperEVM mainnet, consisting of 4,600 unique digital assets. Hyperliquid also announced the NFT launch on their official X (formerly Twitter) account yesterday, September 28, around 8:00PM UTC.
The collection achieved over $45 million in trading volume within hours, with a floor price approaching $70,000. Notably, Hypurr #21 sold for nearly $470,000, underscoring the strong demand for exclusive digital collectibles.
Hypurr NFT collection activity surged to ~$45M in volume shortly after launch.
Notably, eight Hypurr NFTs were stolen in a separate wallet compromise, totaling roughly $400,000 in value. But that security lapse did little to dampen enthusiasm for the broader collection. Critics and observers are now debating whether Hypurr represents a new wave of utility-driven digital collectibles or a symbolic nod to early backers.
HYPE Token Surges 7.8 % as NFT Buzz Dominates
While media attention zeroed in on the Hypurr NFT explosion, Hyperliquid’s native token HYPE saw a remarkable rally. As of this writing (2:15PM UTC), HYPE is trading at around $47.14, hitting 7.8 %, signaling strong market demand in the wake of the NFT launch, with a high of $48.06 and a low of $43.70, as per CoinGecko.
That sharp uptick suggests investors interpreted the exploit as a contained event or even a buying opportunity, rather than a systemic crisis. In effect, the confidence built around Hypurr’s momentum appears to have funneled directly into HYPE’s price action, magnifying bullish sentiment.
Outlook: An Exploit Overshadowed
The $782,000 exploit certainly put Hyperliquid in the headlines, but it’s the Hypurr NFT launch that dominated attention, and also narrative direction. The market’s reaction suggests that DeFi participants are becoming accustomed to security incidents, such that the next meaningful story isn’t necessarily how much was lost, but what was built next.
Looking ahead Hyperliquid, its roadmap will likely emphasize tighter security, better risk controls, and further utility for Hypurr. If the platform can execute, this moment could mark a turning point: one where innovation, and not just vulnerability, sets the tone.
Summary
Hyperdrive’s $782K exploit hit two markets, yet Hyperliquid’s Hypurr NFT launch on HyperEVM stole the show with ~$45M in volume and helped lift HYPE. Tweets from CertiKAlert and Hyperliquid underscore both the security incident and the community enthusiasm that followed.
