MARKET MOVING NEWS! (04/08/24)

 Kujira Foundation's Tokens Stung by Its Own Leveraged Positions as Bets Backfire 

Yesterday, the price of the Kujira token dropped by 55% due to liquidations of KUJI tokens held by wallets belonging to the Kujira Foundation.

Specifically, the foundation had taken leveraged liquidity provision positions worth millions of dollars, which it failed to manage properly on its own DeFi platform.

The liquidations occurred as loans taken by Kujira from their publicly allocated KUJI tokens became under-collateralised during a period of general market volatility.

The liquidations sent KUJI lower, leading to more liquidations, even lower prices and a downward spiral.

In a Telegram broadcast message on Thursday, the team claimed that certain people targeted its positions to purposely cause a cascade of liquidations.

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