PANews reported on June 11 that Sahara AI issued an update regarding the SAHARA token price volatility, confirming that no tokens belonging to the team or investors were sold or transferred. Designated market makers Amber Group and Herring Global operated normally during the event, and all token smart contracts are safe. The incident was caused by a chain reaction of leveraged contract liquidations: In the three weeks prior to June 9, SAHARA leveraged long positions accumulated to historical highs, but liquidity was scarce. Selling pressure triggered large-scale automatic liquidations, with a peak of $992,000 worth of SAHARA liquidated per second. In the first two minutes, 60% of contract orders were passively sold and liquidated. Within 5.5 minutes, the contract price plummeted by 64%, and within 30 minutes, $60 million worth of contract orders were executed. The contract price was once 27% lower than the spot price, indicating that the liquidation speed was faster than the market's absorption capacity. The large on-chain token transfer was a pre-arranged deposit of the Chainlink CCIP cross-chain bridge contract, providing liquidity to the BNB Chain cross-chain bridge. The team is working with exchanges to determine the initial cause of the selling pressure and will release the final investigation results and reinforcement measures later.