$Micron Tech(MU.US)$SK Hynix(SKHY.US)New share issuance leads to supply, valuation and capital reallocation → ADR scarcity creates high premium → Korean underlying stocks are sold by foreign and local capital → High-leveraged retail investors and 2x ETFs are forced to de-risk → Central bank rate hikes and regulatory tightening continue to amplify selling pressure → Oil prices and the Korean won create macro pressure.

Still believe the underlying logic is a crisis induced by arbitrage + leverage, and it will be fine once we weather through it. At least it's not a bad company and at least we can break even.