Hyperliquid, a decentralized trading platform, has refunded almost $2 million to users who were affected by a short service interruption.
On July 29, a sudden increase in platform traffic caused its interface to stop processing orders between 02:10 PM and 02:47 PM UTC.
During this time, trades could not be submitted properly through the API, even though transactions still reached the blockchain and were later confirmed.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Odysee & LBRY? Is Decentralized YouTube Possible? (ANIMATED)
Some traders initially feared the issue might have been caused by a security breach. However, Hyperliquid later explained that the problem was due to unusually high traffic levels following a record $14.7 billion in open interest just days earlier.
According to the platform, while transactions reached the mempool and were added to blocks, the system responded with error messages that made it seem like orders had failed.
Hyperliquid issued refunds to users who were unable to trade during the downtime. On-chain data from Hypurrscan shows that $1.99 million in USDC
Users with losses under $10,000 received their full refunds right away. Those who were due more than that amount received $9,999 upfront. To receive the remaining balance, these users must complete a Know Your Customer (KYC) process through Discord before August 18.
Meanwhile, Gate
$1.81B
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
