The mark price, the reference figure used to calculate profits, losses and liquidations, fell from about $1,128 to $917 at 23:01 UTC on July 27, according to the company. The print came from an executed trade relayed by multiple independent data providers, and the data point feeding the contract was tracking what Trade.xyz called the primary Korean pre-market venue. “The oracle system worked as intended according to its specification,” the company said. Nothing malfunctioned and nobody manipulated anything, on the evidence so far. Trade.xyz said covering the losses is a one-time discretionary decision rather than a commitment to do so again, with eligibility rules to follow and payouts expected within days.