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Gate.io News: Sahara AI confirmed that its token price fluctuations were caused by cascading liquidations in the derivatives market. The team and investors did not sell or transfer tokens, and Amber Group and Herring Global were operating normally. On June 9, sell pressure triggered a chain reaction of liquidations, with the exchange forcing liquidations of up to $992,000 per second. The contract price dropped by 0.64 within 5.5 minutes, and more than $60 million worth of contract orders were traded within 30 minutes. The decline in the contract price drove down the spot price as well, and Sahara AI is investigating the initial trigger of the sell pressure. The large on-chain transfers during the incident were liquidity replenishment operations via ETH and the BNB Chain cross-chain bridge, and were unrelated to the event.