Polyhedra Releases Preliminary Report on ZKJ Token Price Crash

Polyhedra releases preliminary report on ZKJ token price crash. Preliminary analysis shows that the event was triggered by an on-chain collaborative liquidity attack on PancakeSwap, with multiple addresses withdrawing over $7.7 million from the ZKJ/KOGE liquidity pool and concentrated selling of ZKJ, causing a rapid price decline. The project team stated that they did not sell tokens, and had previously provided liquidity to PancakeSwap with approximately $30 million worth of USDT, USDC, and BNB, but due to the sharp price drop, the related assets were fully converted to ZKJ. During the same period, Wintermute transferred over 3.39 million ZKJ to centralized exchanges, with its address holdings dropping from 3.41 million to 22,000 within 90 minutes. The ZKJ price fell from around $1.93 to $0.29, a drop of over 80%. During this time, approximately $94 million in ZKJ long positions were liquidated on platforms like Bybit, further exacerbating the decline.