This is a case where you can't use DDL but must use DAO. What you're looking for is the .Attributes property of the DAO Field type. In VBA, this code does the trick (you'll have to figure out how to do this with DAO in C#):
Dim tdf As DAO.TableDef
Dim fld As DAO.Field
Set tdf = CurrentDB.TableDefs("MyTable")
Set fld = tdf.CreateField("Hyperlink", dbMemo) ' dbMemo = 12
fld.Attributes = dbHyperlinkField ' 32768
tdf.Fields.Append fld
Set fld = Nothing
Set tdf = Nothing
If you check the data type of this field in Access:
CurrentDB.TableDefs("MyTable").Fields("Hyperlink").Type
it returns 12, which is equal to the VBA global constant dbMemo (that's how I figured out how to do it, i.e., created a Hyperlink field in the Access UI, then checked its datatype). The value for dbHyperlinkField is 32768, but cannot be assigned directly as a data type -- it is instead a sub-attribute of a memo field.
This is a case of Access extending Jet by using a custom attribute for it to work with the data differently than the limited number of Jet data types. It's also clear that the Hyperlink field type is only relevant if you're using the data from Access itself. If you're using some other application to work with the data, you're gaining nothing at all from using a hyperlink data field.
Also, I'm with those who recommend not using a field of type Hyperlink because I've tried it and it's just a pain in the ass. Also, given that it's really a memo field, it's subject to all the problems that come with memo fields. That is, the data is not actually stored with the data table -- all that's stored in the main record is a pointer to the data page where the real data is stored, and those pointers are one of the frailer parts of Jet. Memos are worth that risk, because when you need to store more than 255 characters, you need to do it. I can't see that there's any significant functionality added by the Access-specific Hyperlink field type that it's worth the trouble in working with it in code or the risk that comes from the fact that it's implemented behind the scenes as a memo field.