On Hyperliquid, SKHX experienced a brief "flash crash," dropping over 17% to $927 before recovering to $1,112.

BlockBeats News, July 28th, according to Hyperinsight monitoring, Hyperliquid Shanghai Lishi (SKHX) experienced a brief "flash crash" at 7 am Beijing time, plummeting over 17% to $927 before rebounding to $1112.

This incident was widely attributed to an oracle capturing extreme trade quotes during the low-liquidity pre-market hours in South Korea. However, as of the time of publication, the official statement has not categorized it as a technical glitch. More precisely, the SKHX oracle synced with the abnormal low price in the South Korean NXT pre-market, which was then transmitted to the reference price, triggering a cascade of long position liquidations, causing a roughly 20% overall contract position drop.