Suilend: Pause in IKA Lending, every IKA Depositor's balance will be reduced by 6%

BlockBeats News, September 9th. The Sui ecosystem lending protocol Suilend officially announced the suspension of IKA borrowing until further notice. This morning, IKA surged from $0.04 to $0.47. Some IKA borrowings were liquidated at a high valuation, resulting in subsequent positions facing losses, creating a $379,000 funding gap. IKA depositors are affected, with each depositor seeing a 6% reduction in their IKA deposit balance.

BlockBeats previously reported that IKA experienced a 700% "pin" surge this morning followed by a drop. IKA liquidated $2.2189 million in the past 24 hours, with short positions accounting for $2.1157 million in liquidations.