The price of Kujira tokens fell by 40% today, from $0.97 to $0.57, due to the liquidation of the Kujira Foundation's operational wallet. The foundation has taken on leveraged liquidity provision positions worth millions of dollars, but failed to properly manage them on its own DeFi platform. The team claimed in a statement that the working funds using the leveraged positions were intended to increase liquidity and stimulate activity on its DEX.
The liquidation occurred due to the undercollateralization of loans obtained by the team using its own Kujira (KUJI) token reserves in a volatile environment. This led to automatic liquidation, triggering a chain sell-off and causing the price of the collateralized asset to fall. The team still has $2 million in debt in its wallet, according to Pulsar Finance.
The liquidation of the wallet operated by the Kujira Foundation caused the KUJI token to fall by 40%.
2024-08-01 12:58:53
Since kujira foundation operation liquidation kujira tokens pricedesk3cryptocurrencydesktopCrypto News
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