The Kujira team apologized for the fiasco, and announced a plan to create a DAO to take over the project treasury.
Kujira token tanks as team's leveraged bets melt down
The team behind the Kujira project wound up with around $2 million in bad debt after taking some of their operational funds and using it to make leveraged bets on their own platform. They blamed "a series of events over the last few months, including exploits, socially engineered attacks and fallouts within the ecosystem" for causing the positions to be liquidated. The $KUJI token price crashed by more than 60% as a result of the team's poor risk management.