Gate News bot news, after a series of “abnormal on-chain transactions” occurred in the ZKJ/KOGE trading pair, Polyhedra Network (ZKJ) fell 83% on Sunday. The exchange stated that this crash was triggered by a sudden liquidity tightening.
On June 15, after a nearly $500 million fall in ZKJ’s market value within 9 hours, Polyhedra posted on X stating: “Today’s price drop is due to a series of abnormal on-chain transactions that occurred in a very short period of time in the ZKJ/KOGE trading pair,” while another tracking agency indicated that the big dump occurred in less than two weeks.
Binance stated that the crash of ZKJ and KOGE was caused by large holders withdrawing their tokens, triggering a “market liquidation waterfall.”
Some observers have linked the price fall to the recent token unlock, while accusing Polyhedra of misconduct, although no major crypto analytics platform has confirmed these claims.
Source: CoinTelegraph
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