HashKey Chain administrators transferred 142,818 USDT in user funds through a temporary contract swap that bypassed Layer 2 signature requirements, according to L2Beat and onchain records. The unauthorized movement occurred during a code modification process before the original contract was restored. Despite the restoration, a 3-of-5 multisig wallet retains immediate upgrade powers over the network, maintaining centralized control capabilities. This incident highlights ongoing security concerns regarding admin privileges and fund safety within Layer 2 scaling solutions.