Sudden Plunge on Just 1 Share Triggers Fury: "What Happened to My 80 Billion Won?"

It has been confirmed that a single share of SK Hynix traded at the lower limit price on a domestic alternative trading system triggered a forced liquidation of approximately 80 billion won in overseas derivatives markets.

While the stock immediately recovered its normal price domestically, overseas trading platforms reflected the plummeted price as it was, causing losses to snowball.

On the 28th, right after the pre-market opening of the alternative trading system Nextrade, one share of SK Hynix was executed at 1,272,000 won, which is 30% lower than the previous day's closing price.

Buying pressure subsequently flowed in, and the stock price immediately returned to normal levels.

However, the problem occurred on a 24-hour overseas decentralized stock derivatives platform.

Instead of directly fetching domestic stock quotes, this platform calculates benchmark prices through a price delivery system called an "oracle."

As the lower limit price executed on Nextrade at the time was transmitted through the oracle, the overseas platform perceived that SK Hynix's price had plummeted by about 18%.

Consequently, losses on accounts invested in a rise in the stock price surged all at once, and accounts with losses exceeding a certain level were automatically liquidated, forcing the closure of investment contracts worth approximately 57.4 million dollars, or about 80 billion Korean won.

This incident clearly revealed that temporary abnormal trading in the domestic market can be immediately transmitted to overseas derivatives markets.

In particular, experts point out that the Nextrade pre-market has low trading volume right after opening, meaning that even a single share trade like this can be recognized as the market price and impact overseas markets.

Experts noted that improving spot market systems alone has limitations, suggesting that price verification systems for oracles—such as minimum trading volume criteria, reflecting prices from multiple exchanges, or applying moving average prices over a certain period—must be strengthened.

Nextrade plans to introduce a static volatility interruption (VI) system starting this September, which will switch trading to single-price auctions in the event of sudden stock price fluctuations.

Reported by Kim Minjeong | Video by Lee Eui-sun | Graphics by Lee Soo-min | Produced by SBS Digital News
※ Please note: This article was translated by AI and may contain errors.