DeFi protocol Hypervault vanishes after $3.6 million suspected rugpull

Blockchain security firm PeckShield has flagged unusual outflows of about $3.6 million from the decentralized finance platform Hypervault, noting that funds were bridged from Hyperliquid to Ethereum.

The funds were then swapped into ETH, and approximately 752 ETH, worth almost $3 million, was deposited into Tornado Cash, a step that often precedes or accompanies a rug pull.

A “rug pull” refers to a scenario in which project operators withdraw onchain liquidity or user deposits and disappear, typically after marketing high yields or providing incomplete audits.

Hypervault’s website and documentation have promoted “unmanaged” auto-compounding vaults, keeper-bot harvests, and strategy adapters that route assets to lending, looping, and concentrated liquidity venues on HyperEVM. It deployed user deposits across external venues via modular strategies to generate returns.

PeckShield’s alert did not immediately identify specific wallets beyond the Tornado Cash deposit. Additionally, the project’s X account has been deleted, and the official website remains inaccessible, which raises suspicions of an exit scam.