Polyhedra Network’s (ZKJ), which is a subsidiary of ZKJ, plunged by 83% after a number “abnormal on-chain transactions” involving the ZKJ/KOGE (KOGE) trading pair — a collapse Binance said was triggered by a sudden liquidity crunch.
“Today’s price drop was caused by a series of abnormal on-chain transactions within a very short period on the ZKJ/KOGE trading pair,” Polyhedra posted On June 15, ZKJ fell by nearly $500,000,000 in just nine hours. Another tracker was also affected. shows It took less than 2 minutes for the drop to occur.
Binance said Large holders removing their tokens caused the collapse. “liquidation cascade in the market.”
Some of the onlookers have linked The price drop was due to the recent unlock of a token, but Polyhedra is accused of deception, Though no major crypto analysis platform has ever corroborated these claims.
Cointelegraph contacted Polyhedra to get a comment, but did not receive a response immediately.
Polyhedra for post-mortem
Polyhedra is a word that means “a polyhedra”. interoperability-focused crypto project This leverage is available zero-knowledge proofs, Say it wasn’t “closely reviewing the situation” The company would try to provide as much information about the product and services that it offers, but assure users of its commitment. network’s fundamentals Keep your integrity intact
Abnormal price movements, unusual transactions
The ZKJ token — Polyhedra Network’s utility and governance token — fell 60% from $1.92 to $0.76 in a 90-minute window by June 15 at 2:32 am UTC, CoinGecko data shows.
After a 90-minute rise to $1.41, the price plunged downwards and in a sideways direction over the six-hour period.
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On June 15, at 9:25 pm, UTC the ZKJ coin fell from $0.77, to $0.32. Since then, it’s been trading in a flat market.
ZKJ’s steep fall has wiped out nearly $500,000,000 in market value.
Binance Alpha Points Calculation changed
Both ZKJ and KOGE — a governance token for BNB48 Club in the Binance ecosystem — were traded to earn Alpha Points as part of Binance’s scoring system to evaluate and reward user engagement within the Binance Alpha ecosystem and Binance Wallet.
Binance has announced that it will change the rules for calculating its Alpha Points reward program starting June 17, 2018. market fairness To stability and “reduce systemic risks of concentration.”
“Starting from 00:00 UTC on June 17, 2025, the trading volume of trading pairs between Alpha tokens will no longer count towards Alpha Points calculation,” Binance is a company that offers a variety of services.
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Source: cointelegraph.com
