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SpaceX crypto token crashes 45%, wiping out $1.5M in retail trader losses in 30 minutes

Market News
28 May 2026
Coindesk
View Source
Bearish
pluang ai news

A SpaceX-linked crypto perpetual contract on Hyperliquid experienced a sharp 45% flash crash within 30 minutes, dropping from $2,277 to $1,254 before partially recovering. This sudden plunge liquidated 405 users across 1,393 positions, erasing $1.51 million in value, mainly impacting retail traders using 3x leverage with small margins. The crash occurred due to thin market liquidity and the lack of a public price benchmark, as the token is a synthetic contract based on SpaceX's private valuation ahead of its anticipated IPO. This event highlights the high risks retail investors face when trading speculative, illiquid crypto products without official market prices.

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