Overview
- The SPACEX-USDH perpetual, which plunged nearly 45% on May 28, fell from about $2,277 to $1,254 in roughly 30 minutes before partially recovering to around $2,169.
- The crash forced liquidations for 405 users across 1,393 positions, erasing roughly $1.51 million in notional exposure and hitting mainly small retail accounts.
- Ventuals said incorrect off‑chain data used by its oracle caused the wrong price inputs and reports link the error to how a reported 5-for-1 stock split fed into Notice.co’s data.
- The platform has patched the oracle feed and opened a review of affected accounts with possible compensation under consideration.
- Thin liquidity and low open interest left the contract exposed—24‑hour volume was about $4.87 million and open interest under $2.9 million—raising fresh questions about oracle checks, mark‑price safeguards, pause rules and retail protection even as Hyperliquid’s HYPE token held near recent highs.