Here Is Why The Crypto Community Is Talking About Hyperliquid ETF

The crypto community was sent into a frenzy after the X (formerly Twitter) account of DB (@tier10k)—a well-known crypto news aggregator—was hacked and used to spread false reports.

One of the fake stories claimed that BlackRock had applied for a spot HYPE ETF, causing temporary market volatility. Another false report involved TRUMP token utility, leading to a brief pump-and-dump event before the news was debunked.

Background

• The DB (@tier10k) account is widely followed for delivering real-time crypto news and market updates.
• On March 12, 2025, the account was compromised, leading to the spread of fake news regarding a BlackRock iShares spot HYPE ETF application and a new TRUMP token utility feature.

• The HYPE token saw a 6% pump-and-dump following the false ETF claim, while the TRUMP token experienced a 20% price spike before crashing.
• Hyperliquid, the platform behind the HYPE token, is a decentralized exchange (DEX) built on its own Layer 1 blockchain, designed for high-speed, low-latency perpetual futures trading.
• The project has been gaining traction, particularly after its recent airdrop, with major influencers—including Andrew Tate—publicly discussing their HYPE token purchases.

• DB’s account was quickly recovered, and the false information was debunked, but the damage had already been done.

Why should you pay attention?

• Fake news can manipulate crypto markets, leading to sudden price swings that impact both retail and institutional traders.
• The rapid spread of misinformation highlights the risks of relying on social media for financial decisions.
• Bad actors may have continued the trend of using hacked accounts to exploit market movements for personal financial gain.
• The DB hack is part of a broader trend of cyberattacks on prominent crypto influencers, raising security concerns.

Who said what?

• DB (@tier10k) confirmed the hack, stating:

“Obviously hacked. Do not trust any messages for now. Unclear what happened, 2FA/Yubikey etc. all enabled. Will post details when I get them.”

• An X user, DeFiac, highlighted the impact of the false news, writing:

“DB (@tier10k) got hacked, and it got quite nasty. First fake news on TRUMP token, which resulted in a 20% pump-and-dump. Minutes later, a fake HYPE ETF listing caused a 6% spike before crashing. Someone’s going to jail over this.”

Zooming out

• The HYPE market recently experienced a significant disruption when a whale exited Hyperliquid’s HLP (Hyperliquidity Provider) vault with a $4 million loss.
• The HLP is a key component of the Hyperliquid protocol, acting as a community-owned vault that enables users to earn from market-making and liquidations.
• Some analysts suspect that the HLP may have been manipulated, leading to forced liquidations and losses amounting to 1% of the vault’s $451 million TVL.
• Blockchain analytics firm Lookonchain revealed that a whale deposited 15.23 million USDC into Hyperliquid, built a $306.85 million long position in ETH, and was subsequently liquidated—but still managed to withdraw with a $1.86M profit.

• Arkham Intelligence tracked further on-chain movements, revealing that the same trader shifted funds into Sky Protocol SDAI, ETH, and on-chain gold (PAXG) after leaving Hyperliquid.
• Hyperliquid later clarified that there was no exploit or hack, but its liquidation engine struggled to process the position size efficiently.

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