Polyhedra reported that a Wintermute-linked address deposited over 3.39 million ZKJ tokens into centralized exchanges during Polyhedra's crash in June 2025, though Wintermute’s co-founder claimed it was part of a spot-to-futures strategy

Quotes that support claims

Further pressure came from a Wintermute-associated address that deposited over 3.39 million ZKJ into centralized exchanges in the crash window, the team said. However, in an X post, Wintermute co-founder Evgeny Gaevoy said the team was selling spot and going long via ZKJ-tracked futures.

The firm revealed that one Wintermute address deposited more than 3.39 million ZKJ tokens to CEXs in the hour surrounding the crash. Another wallet withdrew over $4.3M in liquidity and dumped around 1.57 ZKJ. According to the firm, at least five other wallets followed similar patterns within minutes. On-chain data from Bybit showed that leveraged long positions were closed in just two hours, with multiple trades over $1M liquidated around 12:57 UTC, causing the price to drop faster.