SKHX Flash Crash Triggers $26M Liquidation Wave on Hyperliquid

SKHX price glitch during Korean pre-market caused 17.8% drop, forcing Hyperliquid's backstop liquidator to absorb $26.26M in long positions before facing reverse liquidation.

Woofun AI reports that SKHX experienced a rapid price decline from $1128.2 to $927 within one minute at 7:00 AM during the Korean pre-market session on Hyperliquid, representing a maximum drop of 17.8%. The anomaly resulted from the SKHX oracle synchronizing with unusually low prices in the Korean NXT pre-market, which propagated to the reference price and triggered a cascade of liquidations. Although the price subsequently rebounded to $1097.9, the incident led to significant contract reductions.

During the event, the on-chain backup liquidation account 0x4000000000000000000000000000000000000001 absorbed 27,100 units of SKHX long positions from 406 addresses at an average price of $969, totaling approximately $26.26 million. This action resulted in a realized loss of about $1.001 million for the liquidator, which also faced reverse liquidation as prices continued to fall. Outstanding SKHX contracts decreased by 13.9% to 353,600 units, with nominal value dropping 23.5% to $388 million.