Hyperliquid User Loses $550K in Google Ad Phishing Scam

Phishing Attack Linked to Google Ads Costs User $550K

A user of the Hyperliquid platform has reportedly lost approximately $550,000 in USDC due to a phishing scam that was allegedly facilitated by a Google search advertisement. The incident occurred on August 13, as confirmed by Darcy, the co-founder of FlashRescue.

Details of the Scam

The victim’s loss of around 550,019 USDC reportedly involved transfers to three distinct addresses associated with the attackers. On-chain analysis reveals the funds were divided into three amounts: 440,015 USDC, 82,503 USDC, and 27,501 USDC, all traced back to the addresses 0x98b276…13C55, 0x93b6B2…d6D1, and 0x6fE314…B566.

Google’s Response

Following the reports, Google has suspended the advertiser responsible for the misleading campaign. A spokesperson for the company stated that Google maintains a policy of zero tolerance for scams and highlighted that their systems effectively blocked more than 99% of policy-violating ads in 2025.

Previous Alerts and Security Warnings

The Security Alliance (SEAL) had issued warnings about malicious advertising campaigns targeting cryptocurrency users, stating that they had blocked over 356 malicious URLs associated with such attacks. Users are advised to verify complete URLs and refrain from accessing cryptocurrency platforms through Google Search.

No Breach Identified in Hyperliquid

Importantly, there has been no indication that Hyperliquid’s platform or blockchain was compromised during this incident. The attack instead appears to have targeted the user before they could access the legitimate service, redirecting them to a phishing site via misleading advertisements.

What’s Next?

As of now, there have been no public announcements regarding law enforcement investigations or asset recovery related to this incident. The next significant development would involve any movement from the traced addresses or uncovering the identity of any exchanges or services involved in the potential laundering of these funds.