Hyperliquid surges after mega deal as Binance grapples with $6.3bn hack

The crypto market has another winner. Hyperliquid (HYPE) surged more than 20% on 29 October after it emerged that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is working with Trade.xyz to develop a US futures market built on Hyperliquid.

Investors reacted enthusiastically to the news straight away. The HYPE price rose above $96, while traders speculated that the partnership marks an important step towards closer integration of crypto derivatives with traditional finance.

Hyperliquid may gain access to the US market

The planned marketplace is intended to give US investors access to perpetual futures linked to traditional financial assets. These are derivative contracts with no expiry date, a product that is popular within the crypto sector because of its flexibility and high liquidity.

Until now, such products have been available only to a limited extent in the United States.

The fact that ICE itself is backing the initiative is seen by many market observers as a significant development for Hyperliquid. The exchange group behind the NYSE is one of the largest financial infrastructure players in the world.

A partnership with such an established party could further strengthen institutional investors’ confidence.

Partnership comes at an important moment

For Hyperliquid, the news arrives at a crucial moment. In recent months the platform has grown into a major player in the market for decentralised derivatives trading and is attracting increasing trading volume.

A potentially regulated US futures offering could accelerate that growth further.

Although the plans are still at the development stage, investors clearly see potential. The combination of Hyperliquid’s growing ecosystem and ICE’s financial firepower is creating high expectations.

If the partnership succeeds, Hyperliquid could not only strengthen its position within crypto but also build a bridge to the US financial markets.

Binance investigates multibillion-dollar hack, possible North Korea link

Meanwhile, the crypto sector is dealing with an enormous security incident at Binance. The exchange is investigating an attack with an estimated impact of $6.3 billion.

According to the initial findings, the laptop of a DevOps employee may have been compromised. This gave an attacker access to a service container, allowing them to carry out unauthorised withdrawal transactions. Binance has so far found no evidence that private keys were leaked.

The company says around $3 billion in affected funds has now been frozen through blockchain partners. Binance says it will reimburse all losses through the SAFU fund and its own resources. Deposits and withdrawals have been temporarily suspended for additional security checks.

Blockchain investigator ZachXBT, meanwhile, points to a possible link with the earlier $388 million Bitget hack. According to him, stolen funds from both incidents converge at the same address via THORChain.

This fuels suspicions that the same attacker is behind both incidents. The earlier Bitget attack has been linked to TraiderTraitor, a hacker group tied to North Korea. Definitive confirmation that it is the same perpetrator is still lacking.

Binance is working with law enforcement agencies and has promised to publish a detailed technical report once the investigation is complete.