Polyedra Network (ZKJ) fell 83% on Sunday for various “abnormal on-chain transactions” wherein the ZKJ/Koge (Koge) trading couple was involved.
“Today's drop in prices was attributable to various abnormal on-chain transactions inside a really short time frame within the ZKJ/Koge trading couple,” Polyedra achieved on June 15 to X, after ZKJ's market capitalization had fallen by almost $ 500 million in nine hours, while one other tracker shows that the leap in lower than two points appeared.
Binance said the collapse of ZKJ and Koge was attributable to large owners that remove the tokens, which led to a “liquidation cascade available on the market”.
Some spectators have associated the drop in prices with a recently carried out token prostitute, while they’ve accused polyhedra of the foul, although no large crypto evaluation platform has confirmed these claims.
CoinTelegraph turned to Polyeedra to get a comment, but didn’t receive an instantaneous answer.
Polyeders to make post-mortem
Polyedra, an interoperability-focused crypto project, which is zero-knowledge evidence, said that the situation was “rigorously checked” and, if possible, would offer further information, but assured users that the fundamentals of the network remain intact.
Source: polyeder
Abnormal transactions, abnormal price motion
The ZKJ token token of the polyedra network and governance token of the polyedra network fell by June 15 at 2:32 a.m. UTC from USD 1.76 in a 90-minute window, as Coingecko data show.
It celebrated a brief comeback that rose to $ 1.41 in the following 90 minutes before it fell down in the following six hours and fell on the side.
Later on June fifteenth at 9:25 a.m. UTC, the ZKJ token took one other sharp fall from $ 0.77 to $ 0.32, where it was traded flat.
As a result, the market value of virtually 500 million US dollars was worn out.
Binance changes the alpha points calculation
Both ZKJ and Koge -a governance token for the BNB48 club within the Binance -Ecosystem -were exchanged as a part of Binance's rating system in Alpha points with a purpose to evaluate and reward the user's commitment within the Binance Alpha -Ecosystem and Binance Wallet.
According to Binance, nonetheless, it is going to adapt the calculation rules of its Alpha Points Token Rewards program from June 17 to make sure the market clearance and stability and to “reduce systemic concentration risks”.
“From 00:00 UTC on June 17, 2025, the trading volume of the trading pairs between Alpha -token will not be a part of the calculation of the alpha points,” said Binance.
