The team behind Polyhedra Network reported several factors that likely contributed to an 83% drop in the price of their token #ZKJ on Sunday.

According to the team, there were significant deposits of tokens resulting from a coordinated on-chain liquidity attack, substantial deposits from Wintermute in centralized exchanges, and cascading liquidations in these exchanges.

The price drop of ZKJ on Sunday wiped out approximately US$500 million in market value at that time.