Polyhedra released an initial report following the June 2025 crash of its ZKJ token, identifying key causes such as a coordinated on-chain liquidity attack, large ZKJ deposits by Wintermute into centralized exchanges, and a cascade of liquidations across CEXs as the immediate drivers of the price collapse

Quotes that support claims

On Sunday, the price of ZKJ dropped from roughly $2 to 30 cents in a matter of hours. On Monday, Polyhedra posted an initial report examining the potential causes of the price crash.

"Key immediate factors include significant token deposits stemming from a coordinated onchain liquidity attack, substantial deposits by Wintermute into centralized exchanges, and cascading liquidations on these exchanges (CEXs)," Polyhedra said.

The following day, Polyhedra posted an initial report examining the potential causes of the price crash. The company believes immediate factors, including token deposits from a coordinated on-chain liquidity attack, substantial deposits by Wintermute into centralized exchanges, and cascading liquidations on the CEXs caused the crash.

An initial post‑mortem released in Asian morning hours laid out various factors resulting in the collapse, including a supposed coordinated liquidity attack on PancakeSwap’s ZKJ/KOGE pool, substantial ZKJ deposits by market-making company Wintermute into centralized exchanges, and a cascade of liquidations on CEXs like Bybit.