Trade.xyz May Compensate $80M for SK Hynix Price Anomaly

SK Hynix price glitch triggered $80M in liquidations on Trade.xyz. The platform plans to cover all losses, with the largest single address loss nearing $2M.

Woofun AI reports that a pricing anomaly involving SK Hynix caused the SKHX perpetual contract on Trade.xyz to drop from $1,128.2 to $927 within one minute. This volatility led to approximately $80 million in liquidations over four hours, reducing open interest by $150 million from $481 million to $331 million.

Trade.xyz announced it will cover all liquidation losses resulting from this price error. On-chain analysis indicates the largest single address loss was about $2.045 million, while the top three addresses collectively lost $14.7754 million. The platform stated compensation will be distributed within days but clarified this does not guarantee future coverage for similar incidents.