Trade.xyz: Will Compensate Liquidation Losses Caused by SKHYNIX Abnormal Price Event

According to TechFlow, on July 29, Trade.xyz stated that on July 27 at 23:01 (UTC), the SKHYNIX mark price fell from $1,127.9 to $917.25. This price originated from an executed trade and was relayed by multiple independent data providers. The platform stated that its oracle was accessing external prices and tracking this trading venue at the time, and since this venue is the primary market for South Korean pre-market trading, the oracle system operated according to established protocols.

Trade.xyz stated that although the system operation met design expectations, it understands users' dissatisfaction regarding the liquidations triggered by this. Based on the principle of market integrity, the platform decided to cover the liquidation losses caused by this anomaly; relevant eligibility criteria will be announced soon, and compensation is expected to be completed within the next few days. The platform also emphasized that this is a one-time discretionary handling and does not represent that similar measures will be taken in the future.

Trade.xyz also stated that it will further improve the pricing system going forward to better cope with tail events, and accelerate the review of the price formation mechanism, including re-evaluating the reference method for external trading venues, as well as taking into account the increasing depth and price signals in the platform's own order book.