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- Hyperliquid rewarded early users with 4,600 Hypurr NFTs.
- A $400K theft highlighted wallet security risks.
- A $12B HYPE unlock and peg issues pose market challenges.
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Early adopters of Hyperliquid [HYPE] received a surprise gift this week, as the Hyper Foundation launched its long-awaited Hypurr NFT collection. While the drop highlighted the project’s community-first ethos, it also exposed fresh security concerns.
Hypurr NFTs Celebrate Early Supporters
On September 28, Hyperliquid distributed 4,600 Hypurr NFTs to early users through the HyperEVM. The digital collectibles were sent automatically, requiring no action from recipients. According to the Foundation, the aim was to reward those who contributed to the network’s early growth with a “memento” that reflects the community’s culture, quirks, and shared identity.
Most NFTs went to Genesis Event participants from late 2024, while 144 were allocated to the Foundation and 143 to contributors, including artists and developers behind the project. Each piece is unique, showcasing different moods and interests of the Hyperliquid community.
Hypurr NFTs have been deployed on the HyperEVM.
— Hyper Foundation (@HyperFND) September 28, 2025
Participants had the opportunity to opt in to receive a Hypurr NFT after the HyperEVM went live as part of the Genesis Event in November 2024. The HyperEVM launched in February 2025 as the general programmability interface to the…
Security Breach Raises Red Flags
The celebratory launch was overshadowed by a theft flagged by blockchain investigator ZachXBT. Just hours after the drop, eight NFTs tied to compromised wallets were stolen, earning the attacker nearly $400,000. The incident triggered renewed discussions around wallet safety and reinforced the risks tied to blockchain assets, even as excitement grew for the collection.
Building Beyond Collectibles
The NFT rollout coincides with Hyperliquid’s latest technical milestone: the introduction of permissionless spot quote assets. This upgrade allows stable asset issuers to activate quote status on-chain without needing approval. Native Markets was first to take advantage, launching USDH—a stablecoin backed by U.S. Treasuries—enabling HYPE/USDH trading. Analysts expect more issuers to follow suit.
Despite strong community engagement and technical progress, Hyperliquid faces significant hurdles. A looming $12 billion HYPE token unlock could weigh on prices, while recent issues with kHYPE’s peg stability have raised questions about the sustainability of its token economy.
The Hypurr NFT drop showcased Hyperliquid’s commitment to rewarding its earliest supporters and building cultural identity around its blockchain. But the security breach and looming market pressures serve as reminders that even innovative moves carry risks. For Hyperliquid, balancing growth with stability will be key in its next chapter.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Hyperliquid Debates 45% Token Supply Cut as $12B HYPE Unlock Threatens Market
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