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Hypervault Finance withdraws an unusual 3.6 million USD through Tornado Cash - Rug pull?
Hypervault Finance, a yield farming platform, has recorded an "unusual withdrawal" as approximately 3.6 million USD was transferred to the cryptocurrency mixer Tornado Cash. The funds had previously been transferred through the Ethereum network from wallets identified by security firms PeckShield and CertiK.
After the incident, the website and social media channels of Hypervault Finance, including Discord and X, were no longer accessible or were deleted. The platform was once famous for its vaults promising annual yields of up to 76% with stablecoins and 95% with HYPE liquidity.
Yield farming allows users to lend cryptocurrency through DeFi protocols, similar to bank lending but with digital assets locked in smart contracts to generate profits. A few days ago, Hypervault announced that its TVL exceeded 5 million USD. At the time of withdrawal, DefiLlama recorded a TVL of 6.01 million USD and issued a "rug pull" warning, suspecting that user funds were misappropriated by the founder.