Trade.xyz announces full reimbursement of the Toshiba contract's abnormal liquidation event and accelerates price oracle reform

BlockBeats News, July 29, Trade.xyz issued a statement regarding the Hitchhiker Contract incident: At 23:01 UTC on July 27, the price of the SK Hynix token plunged from $1,127.9 to $917.25, triggering a large number of long liquidations. This price was based on an actual trading transaction captured by multiple independent data providers, sourced from a major pre-market in South Korea. The oracle system operated as per its design, syncing prices from an external exchange, and technically functioned as intended. However, the platform acknowledged user dissatisfaction with the resulting liquidations, emphasizing that "market integrity is a core value of Trade.xyz."

As a result, Trade.xyz has decided to cover all liquidation losses caused by this price anomaly in a one-time discretionary manner. Specific eligibility requirements will be announced soon, with compensation expected to be completed within a few days, but it is explicitly stated that this decision "does not constitute a guarantee for similar future occurrences." At a structural level, the platform will expedite a review of the pricing mechanism—including reassessing the reliance on external sources and giving greater weight to its order book price discovery (which has significantly improved in depth and signal strength relative to external sources), to more effectively handle tail events.