Hyperliquid SKHX experienced a sharp drop of 17.9% due to abnormal orders from SK Hynix, with liquidation amounts exceeding Binance.

On July 28th, according to on-chain analyst Ai Yi, Hyperliquid SKHX experienced a flash crash of 17.9% this morning, with liquidation amounts in the past four hours exceeding those on Binance. The incident was triggered by an abnormal order in the pre-market trading of Korean semiconductor company SK Hynix on NXT. A single share was traded at 1.272 million KRW (approximately $867 USD), causing a 30% drop due to poor liquidity, which then triggered a trading halt. The price on Hyperliquid plummeted as Oracles followed suit, and the price on Binance also fell due to arbitrage trading. The price has now returned to normal.