Kava Says Token Slump Wasn’t Caused by Minting Issue, Situation Under Control
Kava has responded to a large-scale token transfer and selloff involving its KAVA token.In an official statement on Nov. 14, Kava said it had identified abnormal transactions in which KAVA tokens were moved to BNB Chain and then sold.The company said the incident was not caused by an error that allowed unlimited token issuance. The problem occurred in Kava Lend, Kava’s lending protocol, and measures were taken to prevent it from spreading to other services.Some partner exchanges have temporarily suspended Kava-related deposits and withdrawals to prevent further damage.