Polyhedra (ZKJ) recently released a report detailing the causes behind the significant ZKJ token price crash. The investigation reveals a multifaceted issue stemming from liquidity vulnerabilities and market manipulation. Liquidity Attack on PancakeSwap The primary trigger was a coordinated liquidity attack. Six major addresses aggressively sold ZKJ after draining substantial liquidity from the ZKJ/KOGE V3 pool on PancakeSwap, initiating a downward spiral. Binance Alpha Farming and Liquidity Weakness Changes to Binance Alpha Point farming rules earlier in June weakened the ZKJ/KOGE liquidity pool's stability. Concentrated liquidity on PancakeSwap V3 amplified price slippage and volatility, creating an environment ripe for manipulation. DEX Liquidity Provision and Shock Polyhedra provided significant liquidity (ZKJ, BNB, USDT, USDC) to DEX market makers. However, relentless KOGE selling converted all BNB, USDT, and USDC into ZKJ, causing a severe liquidity shock. Centralized Exchange Cascade Liquidations The spot market collapse triggered massive liquidations of ZKJ leveraged long positions on exchanges like Bybit, with approximately $94 million liquidated within two hours. Wintermute's ZKJ Deposit A large deposit of 3.39 million ZKJ by Wintermute into CEXs coincided with a sharp price drop, further exacerbating the situation. The price plummeted from $1.9279 to $0.2939 during this period. ```

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