Polyhedra’s Token Tanks 83% After Abnormal Trades
Polyhedra Network's ZKJ token dropped 83% on June 15 due to abnormal on-chain transactions linked to the ZKJ/KOGE trading pair, resulting in a nearly $500 million market cap loss. Binance attributed the collapse to large holders withdrawing tokens, causing a liquidation cascade. Speculation arose regarding a recent token unlock and potential foul play, though no major analytics platforms confirmed these claims. The ZKJ token fell from $1.92 to $0.76 in 90 minutes, briefly rebounded to $1.41, then dropped again to $0.32. Polyhedra is reviewing the situation and will provide updates, asserting that the network's fundamentals remain intact. Binance announced changes to its Alpha Points calculation for trading pairs involving Alpha tokens, effective June 17, 2025, to enhance market fairness and stability.
