I have a workbook with many hyperlinks per page. Some are to other cells in the same page or workbook, some to other files in subdirectories of directory containing workbook and some are URLs. If I drag and drop a block of cells a few columns to the right to a destination overlapping the original block the hyperlinks jumble. Sometimes they disappear, sometimes they pick up hyperlinks from different cells. Often there are no problems even doing the same operation (Close without saving, reload original and try again). Hyperlink cell appearances move correctly, so there is no way of knowing when this occurs. It has been happening for years, but I only recently discovered cause.
I forgot to explain the attachments. Hypertest is the "Before" sheet. This is extracted from a multisheet workbook. It has personal information, but on this sheet everyone has been dead for at least a century. Hypertest2 is the "After" sheet. Cells G459-Q482 have been Ctrl/Dragged and Dropped 2 columns to the right. In this example, all the Hyperlinks that have been dragged have been cleared.