Yesterday morning, only one share of SK Hynix was traded in the Korean pre-market at 1,272,000 Korean won, equivalent to about $868. This transaction, worth less than $900, was subsequently fed into TradeXYZ's pricing system, causing the SKHX perpetual contract to drop from a low of $1,128.2 to $927 within one minute. In less than three minutes, hundreds of accounts were taken over by the system. Over the following four hours, the liquidation scale rose to approximately $80 million. According to HyperInsight's transaction-by-transaction analysis of on-chain addresses, the nominal liquidation amount for SKHX in a short period was about $79.398 million, with open interest dropping from $481 million to $331 million, a decrease of approximately $150 million. The top three addresses in the liquidation rankings accounted for a total liquidation of $14.7754 million, with the largest loss address (starting with 0x320) being liquidated for about $3.957 million, realizing a loss of approximately $2.045 million. Trade.xyz issued a statement this morning regarding the SK Hynix contract liquidation event: it decided to cover all liquidation losses caused by this price anomaly on a one-time discretionary basis. Specific eligibility requirements will be announced soon, and compensation is expected to be completed within a few days. However, it explicitly stated that this decision does not constitute a guarantee for similar situations in the future. For more related reports, see "A $868 Trade Shakes the $500 Million SK Hynix Contract Market: The Truth Behind the Hyperliquid Flash Crash."
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Trade.xyz SK Hynix Liquidation Event Totals $80 Million, Largest Loss Address Liquidated for Approximately $4 Million
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