The Founder of the 90% Crashed Altcoin is Trying to Save the Price: He Promised a Buyback!
Tiancheng Xie, co-founder of Polyhedra Network, announced that they will support the price by buying back tokens from the market after a significant drop in the ZKJ token price.
Last Sunday, the price of the ZKJ token developed by Polyhedra Network fell from around $2 to 30 cents in just a few hours. Following this substantial loss in 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 the major market maker Wintermute to centralized exchanges, and subsequent chain liquidations were effective in 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 even stronger." Xie also stated 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 reached a peak of $3.40. Afterward, the token's price rapidly fell to around $1.10, where it continued to trade for a while. Since November, ZKJ has been experiencing a slow recovery process, but the recent attack dealt another heavy blow.
Last year, Polyhedra attracted attention by reaching a valuation of $1 billion, receiving support from Animoca Brands and Hashkey Capital, led by Polychain Capital in a $20 million strategic investment round.
According to CoinGecko data, the ZKJ price is trading at around $0.41.
