📉 Polyhedra Network project token $ZKJ - 83% in four hours
A project that was able to realize the zero disclosure system invented in the last century.
LONG positions in the ZKJ/USDT pair were liquidated for almost $100M in just 2 hours.
Binance claims that ZKJ as well as the other token $KOGE have experienced significant price fluctuations, and their initial findings indicate that this is a result of large liquidity holders removing large positions from the network and a cascade of liquidations in the market.
But there are also reports that the Developers spread the issue across 20 wallets and then started pouring everything into the glass afterward.
What happened in fact:
Three large addresses targeted Binance Alpha and two tokens, KOGE and ZKJ, organizing huge volumes of trading and liquidity, which led to severe fluctuations in the market.
Two key steps that led to the crash: massive liquidity withdrawals and continuous token sell-offs.
The “relay sale” ended the liquidity harvesting process on these tokens
A network of conspiracy whales simply dumped the token, collapsing its capitalization by $500M.
The project lost over 83% in value and essentially went to zero. In just 2 hours the capitalization of the project at $580M dropped to $100M, now a little higher, $114M