Trade xyz begins compensating users affected by SK hynix contract pricing glitch that triggered liquidations on July 27.
DeFi & Yields ·
Trade xyz has started reimbursing users harmed by a pricing malfunction on its SK hynix contract that occurred on July 27. The exchange is evaluating each affected account's liquidation loss against a baseline price of $1,115.50 per token.
Claims valued at less than 10,000 USDC have already been credited directly to user wallets with no action required. Larger claims received an initial partial disbursement of 9,999 USDC, with the remainder pending completion of further compliance review. Users with outstanding balances are required to reach out to support services by August 15 to proceed. During the incident, the contract's mark price dropped sharply to $917.25 from $1,127.90, initiating a wave of forced closures among leveraged long holders.
The scope of affected positions and total compensation amount remain unannounced. It is unclear how many claims fall into each category or what timeline applies to the enhanced due diligence phase for larger refunds.