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.