Asian semiconductor stocks tumbled early this week, triggering roughly $800 million in leveraged crypto liquidations, with perpetual futures on SanDisk recording more forced closures than those on XRP.
The selloff, concentrated in South Korean names, illustrated how crypto venues have become venues for leveraged bets on traditional chip equities.
Data from multiple exchanges showed about $803 million in positions liquidated over 24 hours, with bullish longs accounting for roughly 86 percent of the total.
Bitcoin and ether led the losses, but stock-linked contracts ranked high as well. SanDisk perpetuals saw about $19 million liquidated, edging out XRP and nearly matching another token.
Contracts on SK Hynix, Micron, and the triple-leveraged semiconductor ETF SOXL also appeared among the liquidations.
The pressure aligned with sharp declines in Seoul: Samsung Electronics and SK Hynix each fell around 8 percent amid concerns over AI-related valuations and competition from Chinese memory makers, while the Kospi dropped more than 6 percent.
Bitcoin briefly traded under $81,000 during Asian hours before recovering above $83,000, at which point short positions began to account for the majority of newer liquidations.
The episode underscores the growing overlap between crypto derivatives and traditional tech equities.
Traders can now hold continuous, leveraged exposure to individual chip stocks on crypto platforms without expiry dates, concentrating risk when regional equity markets move sharply.
Separately, SWI Group raised €800 million (approximately $894 million) from institutional investors at a €6.1 billion valuation to convert former FTX-linked bitcoin miner Genesis Digital Assets into AI and high-performance computing infrastructure.
The Amsterdam-listed digital infrastructure firm, which took control of the miner this year, plans to rebrand the unit SWI Digital and repurpose its US and Swedish sites while divesting remaining Kazakh mining locations.
Combined with its European AiOnX platform, the group now controls roughly 3.6 gigawatts of grid-connected capacity, including more than 1.3 gigawatts from the Genesis portfolio across about 15 facilities.
Genesis Digital had received substantial investment from Alameda Research during the FTX era.
SWI’s founder and CEO has stated he has zero interest in continuing bitcoin mining and intends to market the power connections and sites to hyperscale cloud providers.
The move reflects a broader shift among former miners toward AI workloads, where electricity access and data-center capacity command higher returns than hashrate alone.
The capital will support power infrastructure upgrades and compute deployments across Europe and the United States.
In more concerning hardware wallet news, OneKey terminated its reseller relationship with CryptoBilis and offered free replacements for eligible devices after Ledger confirmed an unauthorized hardware implant in at least one affected unit sold through the Southeast Asian distributor.
Ledger stated that all confirmed cases in a wave of reported fund losses involved devices purchased via CryptoBilis, while its own systems and direct sales channels remained unaffected.
On-chain estimates of total losses have ranged above $86 million across multiple chains, though Ledger has not verified a precise figure.
OneKey reported no related losses among its users but ended CryptoBilis’s authorization, paused new reseller approvals, and began reviewing its entire existing network.
The company will replace any OneKey device bought from CryptoBilis between March 1 and October 12, 2026, whether activated or unopened, with applications accepted through the end of December.
Buyers are advised to move any held assets to a fresh recovery phrase if they have already set up a device from the channel.
The incident has raised questions about supply-chain controls for hardware wallets distributed through third-party resellers.
In adjacent AI developments, Palantir’s head of UK and European markets, Louis Mosley, warned that Europe risks repeating its earlier failure to capture value from the internet boom.
Speaking in an interview, he noted that the United States built major digital businesses and became the backbone of the online economy while Europe largely missed the opportunity.
He argued the two regions were roughly comparable two decades ago on measures such as GDP per capita and capital-market depth, after which US growth compounded and Europe advanced more slowly. ASML stands as a rare European technology champion from that era.
Mosley described European companies as largely taking a cautious, wait-and-see stance on enterprise AI, while US firms move more aggressively.
He positioned AI as even more consequential than prior technology waves and characterized Palantir as a public-market proxy for the pace of adoption, citing the company’s ability to deploy models from multiple providers on customer data.
The comments come amid ongoing debate in Europe over the company’s government and defense contracts, which Mosley has linked in part to political controversy that can overshadow discussions of productivity gains.