The Kujira Foundations operating wallet was liquidated, causing the KUJI token price to drop by 40%
Odaily2024/08/01 13:20
By:Odaily
Odaily News The price of the Kujira token fell 40% today, from $0.97 to $0.57, due to the liquidation of the Kujira Foundations operational wallet. It is reported that the foundation has assumed leveraged liquidity provision positions worth millions of dollars, but failed to properly manage them on its own DeFi platform. The liquidation occurred because the loans obtained by the team using its own KUJI token reserves were undercollateralized in a turbulent environment. This led to automatic liquidation, triggering a chain sell-off and causing the price of collateral assets to fall. (TheBlock)
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