Polyhedra | Crypto

Polyhedra’s Phoenix Revival has recognised ZKJ holders who kept their stakes during June’s 90 % plunge, basing allocations on on-chain balances at the time and granting airdrops and product incentives. The gesture has sparked criticism, as many argue buybacks would better address the token’s losses. The post Polyhedra’s Phoenix Revival: Stakers Rewarded After ZKJ Liquidity Crash – What’s Next? appeared first on Cryptonews.

The project said several wallets had “coordinated a liquidity attack with an egregious malicious attempt” followed by “aggressive ZKJ sell-offs.” The team behind Polyhedra Network reported several factors that likely contributed to an 83% price crash of its ZKJ token on Sunday. In a Monday X post, Polyhedra attributed five significant factors causing Polyhedra Network (ZKJ) to fall to $0.32 from $1.92 within hours — a drop of more than 80%. According to the blockchain project, there were “significant token deposits stemming from a coordinated on-chain liquidity attack, substantial deposits by Wintermute into centralized exchanges, and cascading liquidations on these exchanges.” Polyhedra said several wallets had “coordinated a liquidity attack with an egregious malicious attempt,” with withdrawals targeting a ZKJ/KOGE liquidity pool on PancakeSwap, followed by “aggressive ZKJ sell-offs.” The affected trading pairs had fragile and imbalanced liquidity, leading the sell pressure to extend into ZKJ’s primary USD...

Polyhedra said it’s investigating a massive plunge in the price of its governance token, which now sits at 31 cents, down from $2. Polyhedra Network (ZKJ) plunged 83% on Sunday after a series of “abnormal on-chain transactions” involving the ZKJ/KOGE (KOGE) trading pair — a collapse Binance said was triggered by a sudden liquidity crunch. “Today’s price drop was caused by a series of abnormal on-chain transactions within a very short period on the ZKJ/KOGE trading pair,” Polyhedra posted to X on June 15 after ZKJ’s market cap fell nearly $500 million in nine hours, while another tracker shows the plunge happened in less than two. Binance said the collapse of ZKJ and KOGE resulted from large holders removing tokens, causing a “liquidation cascade in the market.” Read more