😵 How ZKJ fell from $2 to $0.29 in an hour and a half.

On June 15, the ZKJ token from Polyhedra Network plummeted by -85% in just 90 minutes. Over $94 million in liquidations, mass panic, and sell-offs.

The KOGE token, linked to ZKJ through pools, also fell. We analyze the reasons for the rug pull.

💥 Why ZKJ collapsed

🟢 Coordinated attack by whales

Several large addresses pulled liquidity from the pools on PancakeSwap and sold massively on the market. A total of: 5.23 million ZKJ tokens ≈ $9.6 million.

For example, the market maker Wintermute sold as much as 3.39 million ZKJ, which significantly accelerated the token's fall. This triggered a wave of liquidations.

🟢 'Stabilization' from the project

To somehow save the situation, the Polyhedra team directed $30 million in liquidity from 100 wallets.

But there's a catch: these transfers occurred BEFORE the crash, and there were no real purchases to support the price.

🟢 Change of rules on Binance Alpha

ZKJ was popular due to the Binance Alpha platform, where trading the token could earn good Alpha Points.

Because of this, ZKJ was artificially pumped by traders and drop hunters. And the recent changes in Binance Alpha rules reduced the rewards for farming points.

This collectively made the token an ideal target for a speculative attack.

$ZKJ