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.
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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
$1.00
was distributed on August 4. The refunds were organized into three categories based on the amount each user was owed.
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
$2.01B
recently listed a $600 million Pump.fun token sale scheduled for July 12, then it was removed. What happened? Read the full story.
