Hyperliquid Repays $2M to Crypto Traders after API outage - adtechsolutions

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Hyperliquid Repays $2M to Crypto Traders after API outage


The decentralized hyperliquid stock exchange has paid the user nearly $ 2 million with a short defect last week, which can strengthen confidence in decentralized trading platforms.

The Hyperliquid Platform (API) programming interface has suffered a outage on Tuesday, which has seen orders to make orders about 37 minutes before renewing operations, its Site show.

On Monday, Hyperliquid issued a refund in the total amount of $ 1.99 million in USDC (USDC) on affected users, onchain data from Hypurrscan show.

Source: Hypurrscan

The rapid response of hyperliquid and repayment of $ 2 million after half an hour were awarded users.

“More than $ 1.5 million have already been sent to users (can confirm),” Hyperliquid Trader Aaalex said on Monday x post. “Incredible, given that they have no legal obligation, no contract or SLA,” he added.

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Hyperliquid’s manipulation of the situation comes as growing decentralized exchanges (dexs) more competitive with centralized platformsDespite recent failures. In March, the platform suffered Using 6.26 million USD including Jelly my jelly (jelly) memecoin Due to vulnerability in their liquidation parameters.

Best derivative exchange with open interest. Source: Coingecko

Hyperliquid has grown to the seventh largest derivative exchange in the world, with more than 10.6 billion 24 -hour open interest, from the 12th place from the beginning of April, What about the Ringecko The data shows.

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The Hyperliquide outage caused by a transport point is not used

While the outage caused initial concerns about potential hack or exploitation, hyperliquide said the problem was caused by a “significant increase in operation” after the platform overwhelmed July 23 record in the amount of $ 14.7 billion in the total open interest.

Hyperliquid operation. Source: Hyperliquid.statuspage.io

“During the period from 14: 10-14: 47 UTC 29. notification.

“The API has returned errors, although the transactions were sent to Mempool and later included in the blocks,” the announcement said, adding that he initiated repayments to the traders on the basis of three categories.

However, users who have more than $ 10,000 owed must complete Get to know your customer (kyc) Verification of full replacement. These users have already received $ 9,999 of their compensation, but will have to complete the Verification process via the Discord ticket by 18 August to obtain the remaining funds.

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