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Polyhedra Blames Onchain Liquidity Attack, Wintermute Deposits for ZKJ Crash - Unchained
Polyhedra Network claims that the dramatic collapse of its ZKJ token, which fell more than 80% over a few hours on June 15, was primarily caused by a coordinated onchain liquidity attack and significant token deposits by major crypto market maker Wintermute.
“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,” said the Polyhedra team in its preliminary report of the incident.
This story is an excerpt from the Unchained Daily newsletter.
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“In the hour surrounding the crash, Wintermute’s address deposited over 3.39 million ZKJ tokens to centralized exchanges,” they added.
The team also acknowledged that the affected trading pairs had fragile and imbalanced liquidity, making them highly vulnerable to large withdrawals and sales.