TechFlow news, on August 1, according to The Block, the KUJI token was liquidated due to the Kujira Foundation's failure to properly manage leveraged liquidity provision positions worth millions of dollars, causing its price to drop 40% today from $0.97 to $0.57.
The liquidation occurred as loans taken out by the team using their own Kujira (KUJI) token reserves became undercollateralized amid volatile market conditions. The team’s wallet currently still holds $2 million in debt, and the team has acknowledged responsibility and apologized for the price impact.
Kujira is a decentralized finance platform built on the Cosmos network, offering features such as decentralized exchange and lending services, with over $42 million in total value locked.
