Polyhedra Fights to Conserve ZKJ After Brutal Market Attack– More Buybacks Planned

Polyhedra will launch token buybacks after ZKJ plunged over 80% due to mass sell-offs and coordinated liquidity withdrawals on PancakeSwap. A wallet linked to Wintermute transferred 3.3 M ZKJ to CEXs throughout the crash, while another withdrew $4.3 M in liquidity and discarded tokens. Binance rejected participation in the sell-off and will change its Alpha Points … Find Out More

Polyhedra will launch token buybacks after ZKJ plunged over 80% due to mass sell-offs and collaborated liquidity withdrawals on PancakeSwap. A wallet connected to Wintermute moved 3.3 M ZKJ to CEXs during the crash, while another withdrew $4.3 M in liquidity and disposed of tokens. Binance denied participation in the sell-off and will adjust its Alpha Points system to omit Alpha token trades from June 17 onward. Polyhedra is facing a severe crisis after its ZKJ token lost more than 80% of its worth in simply 24 hours. The crash was activated by a series of abnormal deals, consisting of large-scale sell-offs and coordinated liquidity withdrawals from PancakeSwap, which created intense selling pressure. In response, the business announced it will conduct token buybacks to support the rate and decrease the effect of future attacks. The situation got worse due to motions from several wallets, including one linked to Wintermute, which transferred over 3.3 million ZKJ to central exchanges during the collapse. Another address withdrew $4.3 million in liquidity and offered a significant quantity of tokens. Polyhedra attempted to limit the damage by injecting $30 million in liquidity throughout the crash, but most of those funds were converted into ZKJ as the rate kept falling. Binance Rejects Any Participation in the Events Binance was also caught up in the turmoil. The company denied any participation in the mass sell-off and stated that no members of the teams connected to KOGE took part in the trades that triggered the crisis. As a preventive move, Binance will modify the rules of its Alpha Points rewards program. Starting June 17, trades between Alpha tokens will no longer count toward the program’s points calculation, aiming to reduce risks from speculative activity around these assets. The ZKJ collapse came just four days before the scheduled unlock of over 15 million tokens, a detail that raised further market concerns. The company announced it will continue investigating the event. It will proceed with its buyback strategy to ease selling pressure and protect its token holders. Polyhedra Works on New Security Measures Polyhedra develops zkBridge, an interoperability technology based on zero-knowledge proofs that enables faster asset transfers between blockchains compared to existing options. The company stated that its infrastructure remains fully functional and it will implement new measures to enhance its environment’s security against future coordinated financial attacks.