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[News Brief] Aug 1, evening | Trade xyz begins compensation process for liquidation losses on SK Hynix contract

Trade xyz has begun the compensation process for liquidation losses incurred on the SK Hynix contract, applying a reference price of $1,115.50 and paying out compensation accordingly. Amounts under 10,000 USDC have been fully paid to affected wallets, while amounts above that threshold will be paid after review.

[News Brief] Aug 1, evening | Trade xyz begins compensation process for liquidation losses on SK Hynix contract

Trade xyz begins compensation process for liquidation losses on SK Hynix contract

According to Wu Blockchain, Trade xyz announced that it has started the compensation process for liquidation losses that occurred above the SK Hynix contract (SK Hynix) price on July 27.

The platform is individually calculating potentially affected liquidation losses using a reference price of $1,115.50. Compensation amounts under 10,000 USDC have been fully sent to affected wallets without any additional action required.

For claims exceeding 10,000 USDC, 9,999 USDC has been paid first, and the remaining amount will be distributed after enhanced due diligence is completed. Affected users must contact the platform’s customer support team by August 15.

At the time, the mark price of the SK Hynix contract plunged from $1,127.90 to $917.25, triggering large-scale liquidations of long positions.