Polyhedra announces the buyback of ZKJ tokens following a 90% crash – accusations of a staged 'financial attack'!

In the early hours of June 17, 2025, the founder #Polyhedra – Mr. Tiancheng Xie – confirmed that he would buy back ZKJ tokens to support the price and protect the project after a severe crash the previous weekend. The price of ZKJ plummeted from $1.95 to just $0.28, losing nearly 90% of its value in just a few hours.

The main cause identified was that several wallets had withdrawn liquidity from the ZKJ/KOGE pools on PancakeSwap, causing a sharp price decline. Polyhedra called this a 'deliberate financial attack' and suspects that the leading market maker Wintermute is involved.

The incident has also forced Binance Alpha to change its scoring method, removing the trading volume criteria – which had previously been the reason for $ZKJ and $KOGE being 'over-traded'.

Despite criticism from the community, the Polyhedra team claims it will face the challenges and restore its reputation, starting with the buyback of ZKJ in the open market to stabilize prices and mitigate the risk of recurrence. Thanks to this move, ZKJ surged to $0.7 before adjusting to $0.45.

Polyhedra – a cross-chain project using zero-knowledge proof technology – had previously raised $45 million from several large funds such as Binance Labs, Animoca, Polychain, and is now facing its biggest challenge since the launch of the ZKJ token.