Hyperliquid has reimbursed nearly $2 million to users affected by a brief API outage that occurred last week, during which traders were unable to execute orders for approximately 37 minutes. On August 1, the platform issued refunds totaling $1.99 million in USDC, which was confirmed by users. This swift action is seen as a positive step for decentralized trading platforms. Hyperliquid, now the seventh-largest derivatives exchange globally with over $10.6 billion in 24-hour open interest, explained that the outage was caused by a significant spike in traffic, following a record high in total open interest on July 23. Users affected by the downtime are required to complete a verification process to receive complete refunds if owed over $10,000. The situation raised initial concerns about a potential exploit, but Hyperliquid clarified that the delays were not due to any security breaches.

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