<p>Decentralized derivatives platform Ventuals said it will compensate users within 48 hours after its pre-IPO SpaceX perpetual contract on Hyperliquid plunged 45% within a 30-minute window on Thursday afternoon, triggering liquidations across hundreds of accounts.</p>
<p>Specifically, SPACEX-USDH <a href="https://app.hyperliquid.xyz/trade/vntl:SPACEX">fell</a> from $2,277 to $1,254 before partially recovering to around $2,174.
While it remains unclear from Ventuals' X <a href="https://x.com/ventuals/status/2060113013898670248">post</a> how much it will compensate, Hyperliquid <a href="https://hyperliquid.allium.so/liquidations">data</a> shows the move liquidated 484 users and wiped out $1.74 million in notional value over the past 24 hours. </p>
<p>The liquidation cascade was linked to what Ventuals described in an X <a href="https://x.com/ventuals/status/2060054654579269826">post</a> as incorrect data returned by an offchain data provider used in its oracle pricing system, which caused oracle and mark prices to move sharply and triggered position liquidations.</p>
<p>"We have taken immediate steps to prevent this from happening again on any of the pre-IPO markets, and are evaluating the impact it had on affected users for appropriate compensation," Ventuals said in the post. </p>
