In a stunning turn of events, the ZKJ token of Polyhedra Network has plummeted by more than 80%, wiping out significant market value and sending shockwaves through the DeFi community. According to a detailed report highlighted by Bitcoinworld.co.in, the crash occurred amidst unusual market activity and liquidity issues on June 15, 2025.
Polyhedra Network attributes the dramatic fall to a coordinated liquidity attack, alongside large-scale deposits to centralized exchanges (CEXs) and cascading forced liquidations. This led to a rapid decline in the token's value, dropping from $1.92 to as low as $0.32 within hours, resulting in nearly $500 million in market value losses.
The report suggests that major liquidity providers, including those associated with Binance Alpha, withdrew support, exacerbating the crisis. Additionally, abnormal trading patterns and significant whale sell-offs triggered panic selling among investors, further deepening the downturn.
Polyhedra Network is currently conducting a full review to uncover the exact mechanisms behind the crash, with suspicions of deliberate market manipulation. The team has promised transparency and aims to address vulnerabilities that were exploited during this period of market instability.
The aftermath has sparked fears of a potential rug pull, though Polyhedra denies such claims, emphasizing that the crash was due to external liquidity destabilization rather than internal mismanagement. Investors are urged to remain cautious as the situation unfolds.
For the broader crypto community, this incident serves as a critical lesson on the risks associated with liquidity pools and market volatility. As investigations continue, stakeholders await further updates on whether Polyhedra can recover and restore confidence in the ZKJ token.
Alfred Lee
