Hyperliquid’s HLP vaults have been bleeding total value locked (TVL) since a whale exploited the protocol for $4 million. On March 11, there was just over $500 million in TVL in the Layer 1 and perpetual decentralized exchange’s (DEX) vaults, according to DeFiLlama. The next day the exploit hit and the TVL plunged almost 30% to $354 million as a result of the exploit and loss of confidence it inspired. Since then, the vaults have continued to bleed, with TVL now down to $312 million, down 38% since March 11. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io