The Polyhedra Network (ZKJ) fell 83% on Sunday after a series of “abnormal on-chain transactions” involving the ZKJ/Koge (Koge) trade pair-a falling Binance’s said triggered a sudden crunch of liquidity.
“Today’s price collapse is caused by a series of abnormal on-chain transactions within a very short period of ZKJ/Koge trading pair,” Polyhedra Na -Post To X on June 15 after ZKJ’s market cap fell nearly $ 500 million in nine hours, while another tracker Shut up The stab happened in less than two.
Binance Says The collapse of ZKJ and Koge results from large holders that remove tokens, causing a “destroying cascade on the market.”
Some viewers Link Price falls on a recent token unlocking, while accusing the polyhedra of foul play, Although there is no main platform of crypto analytics platform that those claims are corroborated.
Cointelegraph reached the polyhedra for comment but did not receive an immediate response.
Polyhedra to make post-mortem
Polyhedra, an Interoperability-focus crypto project That –s average Proof zero-knowledge, said it is “closely checking the situation” and will provide additional information if possible, but ensures users that the Network basis Stay intact.
Abnormal transactions, abnormal price action
ZKJ token-utility and management of Polyhedra Network-fallen 60% from $ 1.92 to $ 0.76 in a 90-minute window on June 15 and 2:32 AM UTC, Coingecko Data Shut up.
It made a short life return, which rises to $ 1.41 for the next 90 minutes before going down and sideways in the next six hours.
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Later on June 15 at about 9:25 pm UTC, the ZKJ token took another sharp fall from $ 0.77 to $ 0.32, where it turned flat.
Nearly $ 500 million in market value has been eliminated by the sharp fall of ZKJ as a result.
Binance has changed the calculation of alpha points
Both ZKJ and Koge – a Management token for the BNB48 Club in the Binance Ecosystem – has been exchanged to earn Alpha points as part of the Binance scoring system to evaluate and reward user interaction within the Binance Alpha Ecosystem and Binance Wallet.
However, Binance said it would adjust the program calculating the Alpha Point token Rewards program from June 17 forward to ensure Fairness to the market and stability, and to “reduce the systematic risks of concentration.”
“Starting from 00:00 UTC on June 17, 2025, the trading pairs of trading pairs between the Alpha tokens will no longer count towards calculating Alpha points,” Binance said.
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