TradeXYZ to reimburse traders after SK Hynix crash triggers $57M liquidations

TradeXYZ announced it would reimburse traders for their liquidations on trading the SK Hynix (SKHX) semiconductor stock. The decentralized market caused liquidations after SK Hynix had a dramatic pre-market move. 

The South Korean semiconductor stock SK Hynix (Nasdaq:SKHY) is among the most actively traded perpetual futures contracts on TradeXYZ. For now, the main KOSPI index is still unavailable, but on-chain traders were quick to take up SK Hynix for its potential strong directional moves. The stock also reflected the general mood around the semiconductor stock narrative. 

As the South Korean market entered another correction, HIP-3 is one of the venues where traders can bet on the slide and immediately short SK Hynix. 

The SKHX market has now achieved over $20.9B in cumulative volume on TradeXYZ. This caused a disproportionate impact, once the index moved rapidly and caused liquidations for long positions. 

… Continue reading the full article at the original source below.