Hyperliquid, a decentralized exchange platform, reimbursed almost $ 2 million to its users after a breakdown of its API last week. This breakdown prevented the traders from executing their orders for about 37 minutes. The platform assigned the problem to a peak in massive traffic after reaching a record of $ 14.7 billion in Open Interest on July 23.
The key points of this article:
Hyperliquid reimbursed almost $ 2 million after a breakdown of its API having disrupted the traders.
The breakdown was caused by a peak of massive traffic, reaching an open interest record of $ 14.7 billion.
A breakdown due to massive traffic
On July 29, between 2:10 p.m. and 14:47 UTC, hyperliquid API servers were overwhelmed by unusual traffic, causing delays in the processing of orders. Although the transactions were sent to the Mempool and included in the blocks, the API returned errors, thus disturbing trading on the platform. Faced with this situation, Hyperliquid has decided to reimburse its users affected by the breakdown. In total, $ 1.99 million in USDC was distributed to injured traders, according to the macurrscan on data.
A reimbursement praised by the community
The speed of hyperliquid response And the amount of the reimbursement was welcomed by the Crypto community. For users who have undergone losses over $ 10,000, Hyperliquid has implemented a KYC verification procedure. These users received a first payment of $ 9,999 and must complete their KYC verification before August 18 to receive the remaining balance. This case comes as the decentralized exchange platforms gain popularity in the face of their centralized counterparts. Hyperliquid, which recently underwent another attack last March, is now the seventh largest exchange of derivatives in the world, with more than $ 10.6 billion in open over 24 hours.