Co‑founder Tiancheng Xie confirms fresh buybacks to stabilize ZKJ.
Crash caused by coordinated “financial attack” and massive liquidity extraction.
Polyhedra now assessing breach and reinforcing safeguards.
Polyhedra Network’s native token, ZKJ, recently suffered a sharp price crash after what the team calls a coordinated “financial attack.” According to co‑founder Tiancheng Xie, the attack involved targeted large-scale withdrawals and sell-offs that triggered cascading liquidations across exchanges.
In response, Xie pledged on social media: “We will buyback more. Now we need to figure out current situation and we need to prevent future financial attack.” This signals a proactive effort to stabilize the token and reassure the community.
What Caused the Crash?
According to market analysis, the crash stemmed from a coordinated on‑chain liquidity drain. Large holders dumped ZKJ into the KOGE/ZKJ pool on PancakeSwap, triggering price dislocation. Simultaneously, a major trading firm reportedly offloaded millions of ZKJ tokens on centralized exchanges, causing further price pressure. This fueled over $94 million in forced liquidations—a flood that tanked the token.
Upcoming Buybacks & Security Measures
Buyback Plans: Polyhedra will step in to purchase ZKJ tokens at depressed prices, aiming to stabilize the market and support long-term holder confidence.
Thorough Investigation: The team is actively auditing the situation to pinpoint vulnerabilities.
Strengthened Defenses: Measures will be adopted to block future exploit attempts—though specifics haven’t yet been disclosed.
NEW: Polyhedra co-founder Tiancheng Xie says the company will buyback more $ZKJ tokens after the price crashed due to a ‘financial attack’. pic.twitter.com/KXKBNR4ljV
— Cointelegraph (@Cointelegraph) June 17, 2025
What This Means for ZKJ Holders
Short-term Stability: Buybacks may help arrest the token’s freefall and boost sentiment.
Heightened Risk: The incident highlights ongoing vulnerabilities in DeFi markets—even with reputable projects.
Long-term Trust Rebound: How Polyhedra handles the aftermath and enhances security will determine whether investor confidence returns.
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