How a Fake HyperSwap Airdrop Drained $12,300 in 84 Seconds

A HyperSwap user lost about $12,300 after clicking a fake airdrop link on X, approving one wallet request, and unknowingly giving a scammer control of his funds. BeInCrypto reconstructed the attack with the victim using public blockchain records. The records show a fast phishing operation inside the Hyperliquid ecosystem.

The scammer took the victim’s position on HyperSwap, withdrew the funds behind it, converted them into HYPE, and moved the money to Ethereum in less than two minutes. Note: HyperSwap is an exchange that runs on the Hyperliquid blockchain. HyperSwap has its own team, and Hyperliquid does not manage it — just as the creators of Ethereum do not manage applications like Uniswap running on it.

The Trap Started With a Fake X Account The victim used HyperSwap. Like other decentralized exchanges, it lets users trade directly from their wallets without a company holding their funds. The victim had supplied money to a HyperSwap liquidity pool.

In simple terms, he had deposited crypto, so other users could trade against it. In return, he could earn fees. On HyperSwap V3, that position was represented by NFT #178549.

This was not a picture or collectible. It was more like a digital receipt. Whoever controlled that NFT controlled the funds linked to the position.

The victim told BeInCrypto he saw a post on X promoting an airdrop. An airdrop is a token giveaway, often used by crypto projects to reward users. The Scammer’s Post Using a Fake X Account with a Very Similar Username to the Official HyperSwap Account The post appeared to come from HyperSwap.

It did not. It came from an impostor account with a handle that closely resembled the real HyperSwap account, HyperSwapX, which is linked from the project’s official website. The victim followed the link and connected his wallet.

He believed he was checking whether he qualified for the airdrop. Instead, he approved a transaction that gave the scammer permission to move his HyperSwap position. That approval was the