Polyhedra releases preliminary incident report: The crash was caused by a chain reaction caused by a coordinated liquidity attack on the chain
PANews reported on June 17 that according to an official announcement from Polyhedra, the ZKJ token plummeted by more than 85% on June 15. Preliminary investigations pointed out that it was a chain reaction caused by a coordinated liquidity attack on the chain. Multiple addresses quickly dumped ZKJ after large withdrawals from PancakeSwap, causing an imbalance in the price of the KOGE/ZKJ pool. At the same time, Wintermute transferred a large amount of about 3.39 million ZKJ to the centralized exchange (CEX) in a short period of time, exacerbating the selling pressure. More than $94 million in forced liquidation occurred in CEX, further triggering a waterfall-like decline. Polyhedra said that the team did not sell ZKJ, but only participated in liquidity provision, and will release a more detailed analysis later.
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