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Over 1.2 million leveraged retail accounts in South Korea have triggered margin calls, with approximately 320,000 to 360,000 accounts being fully liquidated by brokers

According to Yicai, global chip stocks faced a Black Monday. On that day, during the Asian trading session, rising geopolitical tensions in the Middle East suppressed risk appetite, with SK Hynix plunging over 15% on the Korean Exchange, marking the largest single-day drop in 18 years; the South Korean benchmark index KOSPI fell more than 9% in a single day, retreating 25% from its historical high on June 22.Data from the Financial Supervisory Service of Korea shows that the total amount of forced liquidations across the entire South Korean market reached 344.2 billion won in a single day, the largest scale of credit liquidation this year. Retail investors accounted for 92% of leveraged positions, referred to as "ant investors," who made full bets on memory chips and have very weak capacity to withstand volatility. As of Monday, over 1.2 million leveraged retail accounts in the entire South Korean market had reached the margin call line. Among them, approximately 320,000 to 360,000 accounts have been fully liquidated by brokerages, resulting in the loss of principal, with some accounts even owing debts to brokerages.Institutions believe that the short-term Gamma effect of leveraged shorts in South Korea cannot be eliminated, and the trillion-won level of leveraged selling pressure has not been fully cleared, with the risk of volatility still unresolved. However, this round of decline is not a reversal of the industry's fundamentals but rather a concentrated deleveraging event following macro shocks faced by crowded high-position leveraged trades.

Gate launches stock transfer feature, making cross-broker transfers of US and Hong Kong stocks more convenient

The cryptocurrency trading platform Gate officially launches the stock transfer in and out function, supporting the transfer of US and Hong Kong stock assets across brokers. Users can transfer positions from external brokers into Gate, and can also transfer assets from their Gate stock accounts to other brokers. Gate does not charge any transfer fees for in or out transactions. This service uses the FOP transfer method, with US stocks processed through the DTC system and Hong Kong stocks processed through the CCASS system. Users can experience this feature by updating the Gate App to version 8.26.0 or above. Currently, this function is being gradually rolled out, and users can pay attention to subsequent version update information.To celebrate the launch of the stock transfer function, Gate simultaneously launches the "Stock Transfer Benefits" event. Users who register between July 1, 2026, and July 7, 2026, and submit a transfer application during the event period, successfully transferring US or Hong Kong stocks held by external brokers into their Gate stock accounts, with a total asset market value of 3,000 USDT or equivalent, can participate in cash subsidies for valid transfer fee receipts from the original broker and VIP upgrade benefits; the maximum subsidy for US stocks is 15,000 USDT, for Hong Kong stocks it is 6,000 USDT, and the highest VIP level can be upgraded directly to VIP 9.

Coinbase assists the Brooklyn District Attorney's Office in combating fraud cases, involving approximately 16 million dollars

Coinbase officially stated that it is cooperating with the Brooklyn District Attorney's Office in New York, assisting in the investigation of a long-term impersonation fraud case targeting platform users and supporting victims in recovering funds.According to the Brooklyn District Attorney's Office, a Brooklyn man has been charged with long-term impersonation of Coinbase customer service, using social engineering techniques to mislead users into believing their accounts were compromised and requesting them to transfer funds to a "secure wallet," subsequently transferring and stealing the funds. The case involves approximately 100 victims, with the amount in question nearing $16 million, and over $600,000 has been recovered so far.Coinbase stated that such scams do not stem from platform security vulnerabilities but are social engineering attacks that exploit user trust and urgency, with common tactics including identity forgery, impersonating customer service, and creating account risk panic. The company claims to have cooperated with law enforcement to complete various investigative tasks, including identifying suspects, assisting victims in notifications, providing legal request data support, and on-chain fund tracking, emphasizing that blockchain traceability helps law enforcement track the flow of funds.Coinbase also reminds users that the platform will never ask users to transfer funds to a "secure wallet," nor will it request 2FA verification codes, recovery phrases, or password reset links, and advises users to contact customer service only through official in-app channels. The company will continue to strengthen anti-fraud mechanisms, user education, and cooperation with law enforcement to address the increasingly complex cryptocurrency asset fraud.
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