diff --git a/app/api/positions.py b/app/api/positions.py
index 77a60e9..253bb19 100644
--- a/app/api/positions.py
+++ b/app/api/positions.py
@@ -427,21 +427,36 @@ class HLPositionsResponse(BaseModel):
 
 
 @router.get("/positions/hl/{wallet}", response_model=HLPositionsResponse)
-async def list_hl_positions_endpoint(wallet: str):
+async def list_hl_positions_endpoint(
+    wallet: str,
+    ts: int = Query(..., description="Signed timestamp (ms)"),
+    sig: str = Query(..., description="EIP-191 signature"),
+):
     """Read the wallet's CURRENT Hyperliquid open positions, annotated with
-    'already adopted' flag. Used by the Adopt picker on the frontend and by
-    the Telegram /adopt command.
+    'already adopted' flag. Used by the Adopt picker on the frontend.
 
-    No auth — same trust model as /positions/open (wallet address IS the
-    access key). Reading HL state is read-only and harmless.
+    Signed read — a wallet's live HL positions + adoption status are private,
+    so this requires the SAME view signature as /positions/open (knowing a
+    wallet address alone must NOT expose its positions). The Telegram /adopt
+    command calls the `list_hl_positions` service function directly and is
+    unaffected by this HTTP-layer check.
     """
+    wallet = wallet.lower().strip()
+    verify_signed_request_any(
+        actions=[ACTION_VIEW_POSITIONS, ACTION_VIEW_USER],
+        wallet=wallet,
+        timestamp_ms=ts,
+        signature=sig,
+        body=None,
+        allow_replay=True,
+    )
     from app.services.adoption import list_hl_positions, AdoptionError
     try:
         items = await list_hl_positions(wallet)
     except AdoptionError as exc:
         raise HTTPException(400, exc.message)
     return HLPositionsResponse(
-        wallet=wallet.lower().strip(),
+        wallet=wallet,
         count=len(items),
         positions=[HLPositionItem(**vars(it)) for it in items],
     )
diff --git a/app/api/user.py b/app/api/user.py
index c43bbbf..455fe93 100644
--- a/app/api/user.py
+++ b/app/api/user.py
@@ -156,12 +156,19 @@ async def get_user(
     trades = trades_result.scalars().all()
 
     hl_api_key_set = bool(sub.hl_api_key)
-    # Never return the encrypted blob or any decrypted key. The masked hint
-    # shown to the user is derived lazily and only from the last 6 chars of
-    # the stored blob's sha-hash, not the plaintext.
+    # Masked hint MUST match what set_hl_api_key returned at save time, i.e.
+    # the last 6 chars of the real key ("...abc123"). Previously this hashed
+    # the encrypted blob instead, so the suffix shown after a reload differed
+    # from the one shown right after saving — users thought their key changed.
+    # We decrypt only to take the last 6 chars (never return the full key).
     if hl_api_key_set:
-        import hashlib
-        masked = "..." + hashlib.sha256(sub.hl_api_key.encode()).hexdigest()[-6:]
+        try:
+            from app.services.crypto import decrypt_api_key
+            masked = f"...{decrypt_api_key(sub.hl_api_key)[-6:]}"
+        except Exception:
+            # Decryption failed (rotated KEK, corrupt blob) — don't leak the
+            # ciphertext or crash settings load; show a neutral "set" marker.
+            masked = "…(set)"
     else:
         masked = None