Odaily News, August 1: trade.xyz has announced the completion of compensation distribution for the Hynix contract pricing anomaly event that occurred on July 27. Users will receive their corresponding USDC compensation without any additional action required.
According to the announcement, compensation amounts are calculated based on a reference price of $1,115.5. Users with compensation under 10,000 USDC will receive the full amount directly; for amounts exceeding that threshold, an initial distribution of 9,999 USDC will be issued, and users must contact support to complete due diligence before August 15 to claim the remaining balance.
At 23:01 UTC on July 27, the marked price of the SK Hynix token on trade.xyz briefly dropped from $1,127.9 to $917.25, triggering forced liquidations across numerous long positions.
Odaily News: Pump.fun conducted significant layoffs two months before employee token unlocks, causing at least one former employee to miss out on PUMP token allocations worth seven figures at current prices.
Reports indicate that the layoffs occurred in early April, while affected employees were originally scheduled to begin receiving token unlocks in June. Employees had signed token agreements in June 2025, with one-quarter of the token allocation set to unlock after one year. In a recording of an internal meeting, Pump.fun co-founder Noah Tweedale cited the company's "overly rapid expansion" as the reason for the layoffs.
Former employees revealed that a second round of layoffs took place in mid-July, bringing the total number of staff cut over the past two months to more than 40. One former employee claimed to have been let go the day before their token unlock, though Sandmark was unable to independently verify this assertion.
Pump.fun currently operates under the UK entity Baton Corporation Ltd. After the UK's Financial Conduct Authority (FCA) warned that it might be providing financial services without authorization, the company has restricted access for UK users since December 2024, but it remains on the regulator's warning list.
Additionally, in 2024, Pump.fun experienced an incident in which an employee stole and transferred approximately $2 million in funds, with the individual involved subsequently sentenced to six years in prison. According to UK Companies House data, the company's latest annual report remains overdue for filing. (Sandmark)
Odaily News: Buoyed by expectations of a Federal Reserve pause in interest rate hikes and strong earnings from tech giants like Microsoft, the US stock market has seen a significant overall rebound, with the semiconductor and memory sector leading the charge. According to Gate platform data, Sandisk (SNDK) is currently trading at $1,280.40, up 26.14%, while SK Hynix (SKHY) is trading at $148.96, up 17.47%. Amid the sharp price fluctuations and strong rallies in these two assets, trading activity and open interest in derivatives on the Gate platform have continued to rise. According to Coinglass data, Gate's SNDK contract open interest has reached $151 million, and Gate's SKHYNIX contract open interest has reached $121 million, with both figures ranking second among centralized exchanges.
Gate's stock offerings have formed a 7×24-hour trading service system covering the three core markets of US stocks, Hong Kong stocks, and Korean stocks, supporting over 10,000 US stocks and ETFs, more than 1,500 Hong Kong stocks, and over 1,000 Korean stocks, collectively covering more than 12,500 stocks and ETF assets globally. The platform supports fractional share trading with a minimum investment of 0.01 shares and grants stock dividend rights. Additionally, the platform supports cross-broker transfer of US and Hong Kong stocks, as well as corporate actions such as stock splits and reverse splits, further optimizing the stock investment service experience.
