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.
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Polyhedra co-founder says more buybacks coming after ZKJ token crashed due to 'attack'
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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
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Polyhedra's ZKJ token experienced a catastrophic crash on June, 15, 2025, plummeting from approximately $2 to as low as 32 cents in under an hour due to what the team described as a coordinated financial attack.
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