- A speculative token linked to SpaceX’s valuation crashed nearly 50% in seven minutes before recovering, triggered by faulty oracle data.
- The flash crash on the Hyperliquid exchange liquidated $1.51 million in positions, impacting about 400 wallets.
- The Ventuals protocol acknowledged the error, blaming its offchain data provider, and promised compensation within 48 hours.
- The event was incorrectly linked online to a Blue Origin rocket explosion, which occurred over nine hours later.
The SpaceX perpetual futures contract on the Hyperliquid exchange lost nearly half its value in a dramatic seven-minute flash crash yesterday morning. This speculative token, deployed by Ventuals, is loosely priced at one billionth of the private company’s valuation according to its documentation.
The contract plummeted from around $2,286 to $1,299.10 between 11:37 AM and 11:44 AM New York time. Consequently, it then snapped back to over $2,225 within the following ten minutes. A similar contract on BingX denominated in USDT experienced an identical crash and recovery pattern, as was reported in their announcement.
Ventuals acknowledged the incident, blaming an “offchain data provider” for returning incorrect information. This faulty data caused the market’s oracle and mark price to move dramatically, leading to widespread liquidations. “We are aware of an incident on our SPACEX market about an hour ago,” the team stated on X.
According to exchange data, the event force-liquidated 1,393 positions for a notional value of $1.51 million. However, Ventuals later vowed to compensate affected users within 48 hours. Meanwhile, some online speculation incorrectly linked the crash to Blue Origin‘s New Glenn rocket explosion.
That explosion occurred around 9:00 PM New York time, more than nine hours after the financial event. Jeff Bezos posted about the launchpad failure, stating, “It’s too early to know the root cause but we’re already working to find it.” The two incidents share only a date and the corporate-rival narrative.
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