Polyhedra Network co-founder Tiancheng Xie announced that they will support the prices by buying back tokens from the market following the significant drop in the price of the ZKJ token.

Last Sunday, the ZKJ token developed by Polyhedra Network fell from approximately $2 to $0.30 in just a few hours. Following this significant loss of value, the company took action to investigate the cause of the incident. In the initial report published on Monday, it was revealed that an organized liquidity attack, significant transfers made by major market maker Wintermute to centralized exchanges, and the resulting chain liquidations were behind the collapse.

Facing harsh criticism from users, Tiancheng Xie emphasized his determination in a statement made on the social media platform X, saying, "Right now everyone is criticizing us, but we have been through this situation before and managed to turn criticism into praise. We will do this again and stronger," he stated. Xie also expressed that the company's technology is quite robust and that they will not back down in the face of financial attacks.

Launched in March last year, the ZKJ token quickly peaked at $3.40. Afterward, the token's price rapidly declined to around $1.10, continuing to trade within this range for a while. ZKJ, which has been experiencing a slow recovery process since November, was hit hard again by the latest attack.

Last year, Polyhedra attracted attention by reaching a valuation of $1 billion, supported by Animoca Brands and Hashkey Capital under the leadership of Polychain Capital in a $20 million strategic investment round. However, the recent crisis indicates that the company will face a serious struggle to regain investor confidence in the next phase.

According to CoinGecko data, the ZKJ price is currently trading around $0.41.