IKA on Sui always felt a bit off to me. Both on-chain and lending were offering insanely high APYs, and it lasted for about a month. Early this morning at 5 AM, they pulled the rug in one go. The 5-minute chart shot up from 0.039 to 0.43, wiping out all the lending, arbitrage, and borrowing players on the Sui chain in one sweep. Now it’s dropped back to where it started. A lot of these altcoins had accumulated massive airdrop positions before. Big players came in with unlimited funds, targeted liquidations, and made bank on the liquidation fees. Anyone shorting or lending altcoins should pull out their positions ASAP—targeted liquidations will drain every bit of margin in your account.