$BNB $ZKJ $KOGE #BinanceAlpha Polyhedra announced the preliminary event report: The sharp decline originated from a chain reaction due to a coordinated liquidity attack on-chain.
According to news from Mars Finance, according to the official announcement from Polyhedra, the ZKJ token dropped by more than 85% on June 15. The preliminary investigation report indicates that this is a chain reaction from a coordinated liquidity attack on-chain.
Many addresses withdrew large amounts of ZKJ from PancakeSwap and then quickly sold off, causing a price imbalance in the KOGE/ZKJ pool. At the same time, Wintermute transferred about 3.39 million ZKJ to centralized exchanges (CEX) in a short time, increasing selling pressure.
On the CEX, liquidation orders exceeded 94 million USD, leading to a waterfall decline. Polyhedra confirmed that the team did not sell ZKJ but only participated in providing liquidity and will announce a more detailed analysis in the near future.
