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Polyhedra Links Wintermute To Zkj Liquidity Attack
Crypto Trends

Polyhedra Links Wintermute to ZKJ Liquidity Attack

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Polyhedra Network is raising the alarm after its token, ZKJ, crashed by a massive 80% on Sunday. In a post shared Monday, the team said the sudden drop was caused by a coordinated liquidity attack and suspicious activity involving major trading firm Wintermute.

According to the team, several wallets worked together to pull liquidity from the ZKJ/KOGE pool on PancakeSwap, then quickly dumped large amounts of ZKJ. That heavy selling overwhelmed the market and caused the token’s price to collapse on both decentralized and centralized exchanges.

Their investigation also flagged a Wintermute-linked wallet that moved more than 3.39 million ZKJ tokens to centralized exchanges right around the time of the crash. The same wallet sent similar amounts to other addresses, including ones tied to exchanges, raising even more questions about what really happened.

“The initial investigation highlights substantial token transfers by Wintermute coinciding with extreme market volatility and a coordinated withdrawal of liquidity from PancakeSwap’s ZKJ/KOGE pool,” the team said.

“These actions removed critical market depth, particularly in a pool with fragile, concentrated liquidity provisioning.”

In the wake of the collapse, KOGE, the governance token for BNB48 Club, was also pulled into the controversy. Polyhedra co-founder Tiancheng Xie alleged that “KOGE rugged all of us”, hinting at coordinated manipulation. However, members associated with KOGE quickly denied involvement.

“After throwing $KOGE and Wintermute, only your damn air project is innocent,” adding more heat to the growing tension.

Polyhedra hasn’t directly blamed Wintermute, but the timing and size of the token transfers linked to them have raised a lot of questions in the crypto space. It’s sparked fresh debate about how vulnerable DeFi liquidity pools and centralized exchanges really are.

At the peak of the crash, ZKJ tumbled from $2 to just $0.32, a drop of more than 90% that wiped out close to $500 million in market value within a few hours. It has recovered slightly since then and was last seen trading around $0.39.

Also Read: Binance Drops Bombshell on Alpha Token Traders, What’s Going On?



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Polyhedra’s Zkj Token Falls 91% In 24 Hours After Crisis
GameFi Guides

Polyhedra’s ZKJ Token Falls 91% in 24 Hours After Crisis

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Polyhedra Network’s native token ZKJ has crashed over 91%, dropping to an all-time low of $0.3305 on June 16. The sudden fall came after a series of “abnormal” on-chain transactions and mass liquidity withdrawals involving its paired token, KOGE.

According to Polyhedra’s post on X, the problem began when traders started converting large amounts of KOGE into ZKJ. This occurred because the KOGE/USDT pool was drained, and investors had to transfer their money to the ZKJ/USDT pool that soon became overloaded.

KOGE, created by 48 Club DAO, shares liquidity with ZKJ and has been promoted through Binance’s Alpha Points program. Because of their close trading link, the crash in one token triggered a chain reaction in the other. KOGE’s price dropped from $62 to $24, while ZKJ fell from nearly $2 to $0.33.

On-chain data revealed several large wallets farming Alpha Points before the crash. One wallet withdrew over $3.7 million in KOGE and $530,000 in ZKJ. Two others pulled nearly $5 million combined, triggering a “liquidation cascade,” according to Binance.

Adding to the panic, 15.5 million ZKJ tokens are set to unlock on June 19, possibly adding $10 million in sell pressure to an already weak market. In response, Binance has updated its Alpha Points rules. From June 17, trades between Alpha tokens like KOGE and ZKJ won’t count toward user rewards.

Polyhedra says it’s reviewing the incident and maintains that its core technology remains strong.

Also Read: Hamster Kombat Price Falls 53% This Week Amid Whale Sell-Off



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Polyhedra’s ZKJ token plunges 83% after liquidity crisis
Crypto Trends

Polyhedra’s ZKJ token plunges 83% after liquidity crisis

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Polyhedra Network’s native token, ZKJ, dropped over 83% on June 15, hitting an all-time low of $0.3073, after a series of abnormal transactions and mass liquidity withdrawals linked to its associated token, KOGE.

According to a June 15 post on x by Polyhedra, the incident stemmed from “abnormal on-chain transactions” involving the ZKJ/KOGE trading pair. KOGE, issued by a group known as 48 Club DAO, operates in close connection with ZKJ through shared liquidity pools and has been incentivized through Binance’s Alpha Points program.

Dear Polyhedra community — we want to emphasize that the fundamentals of Polyhedra remain strong, both in our technology and in the incredible support from our community. We’re continuing to build and push forward as planned.
Today’s price drop was caused by a series of abnormal…

— Polyhedra (@PolyhedraZK) June 15, 2025

Because the tokens are regularly traded against each other, their price dynamics are closely related. A chain reaction began when traders converted KOGE into ZKJ in large quantities as the liquidity in the KOGE/USDT pool dried up. This flooded the ZKJ/USDT pool.

Major holders pulled a sizable portion of KOGE and ZKJ from on-chain pools, according to Binance, starting a “liquidation cascade” that caused the prices of both assets to plummet. KOGE dropped from $62 to $24 while ZKJ fell from nearly $2 to $0.30.

On-chain analysts linked the price collapse to wallets farming Alpha Points. One wallet withdrew over 60,000 KOGE, roughly $3.7M, and 273,000 ZKJ, about $530K, while two others liquidated another $5 million combined. The rush was further heightened with a scheduled unlock of 15.5 million ZKJ tokens on June 19, which will add about $10 million in potential sell pressure to already stressed markets.

Community reports indicate that the KOGE/USDT pool was drained first, leaving holders unable to exit their positions. With KOGE/USDT liquidity gone, investors rushed to swap into ZKJ using the still-functional KOGE/ZKJ pool. The resulting spike in ZKJ redemptions overwhelmed its Tether (USDT) pair, leading to a chain reaction that pushed ZKJ to record lows.

Despite the collapse, Polyhedra insisted the project’s fundamentals remain strong and that it is conducting a full review of the incident. Binance responded by adjusting Alpha Points rules. Starting June 17, trades between Alpha tokens like KOGE and ZKJ will no longer count toward user point totals, a move intended to limit similar imbalances.

Binance is aware that ZKJ and KOGE have experienced significant price volatilities and our initial findings indicate the developments were a result of large holders removing on-chain liquidity, and liquidation cascade in the market.

In order to maintain market fairness and… pic.twitter.com/O89hpRVaQz

— Binance (@binance) June 15, 2025

The 48 Club has not publicly commented since the crash, though it had previously disclosed that KOGE was fully diluted at launch and stated no commitment to restrict token sales. DAO members expressed concerns, accusing the team of poor planning and lack of transparency.

A bullish scenario following the collapse will depend on Polyhedra’s ability to quickly restore market stability and provide insight into its liquidity structure and token utility. Rebuilding trust and slowing the selloff may be possible with a detailed post-mortem and structural changes like better isolation between the KOGE and ZKJ markets.

But if investor confidence continues to drop, a bearish outcome might occur, especially since another big ZKJ token unlock is scheduled for later this week. If there is no clear solution, selling pressure may persist and prices may level off, which would eventually damage ZKJ’s reputation.





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