Platform Begins Payouts Following Hynix Contract Liquidation Incident
The trading platform involved in last month's abnormal liquidation event has now commenced its user compensation process. According to official communications, a portion of eligible users have already received corresponding USDC payouts directly into their accounts, with no action required on their part.
Details of the Compensation Plan
The compensation is calculated based on a reference price of $1,115.5. The distribution follows a two-tier structure:
- Users whose compensation totals 10,000 USDC or less have received the full amount automatically credited.
- Users owed more than 10,000 USDC have received an initial credit of 9,999 USDC. To receive the remaining balance, these users must contact the platform's support team to complete a required due diligence process before August 15th.
Recap: A Flash Crash Triggers Liquidations
The incident originated on July 27th when the mark price for the SK Hynix-linked token experienced a sudden and severe drop, plummeting from $1,127.9 to $917.25 in a matter of moments. This flash crash activated the platform's risk management protocols, leading to the forced liquidation of a significant number of long positions.
The compensation distribution is ongoing. For users with larger claim amounts, initiating contact with official support channels promptly is essential to finalize the process and secure the full compensation owed.