PANews reported on June 17 that according to an official announcement from Polyhedra, the ZKJ token plummeted by more than 85% on June 15. Preliminary investigations pointed out that itPANews reported on June 17 that according to an official announcement from Polyhedra, the ZKJ token plummeted by more than 85% on June 15. Preliminary investigations pointed out that it

Polyhedra releases preliminary incident report: The crash was caused by a chain reaction caused by a coordinated liquidity attack on the chain

2025/06/17 07:41

PANews reported on June 17 that according to an official announcement from Polyhedra, the ZKJ token plummeted by more than 85% on June 15. Preliminary investigations pointed out that it was a chain reaction caused by a coordinated liquidity attack on the chain. Multiple addresses quickly dumped ZKJ after large withdrawals from PancakeSwap, causing an imbalance in the price of the KOGE/ZKJ pool. At the same time, Wintermute transferred a large amount of about 3.39 million ZKJ to the centralized exchange (CEX) in a short period of time, exacerbating the selling pressure. More than $94 million in forced liquidation occurred in CEX, further triggering a waterfall-like decline. Polyhedra said that the team did not sell ZKJ, but only participated in liquidity provision, and will release a more detailed analysis later.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
Share Insights

You May Also Like

Crypto Funds Hit Record $6-B Inflows

Crypto Funds Hit Record $6-B Inflows

The post Crypto Funds Hit Record $6-B Inflows appeared on BitcoinEthereumNews.com. They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley! So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit…
Share
BitcoinEthereumNews2025/10/07 04:10
Share