Polyhedra Network Blames “Liquidity Attack” for ZKJ Token Crash
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- Polyhedra blames liquidity attacks for ZKJ’s crash from $2 to $0.30.
- ZKJ’s price drop erased $500M in market value, hitting $0.39.
- Polyhedra commits to buying back tokens and preventing future attacks.
Polyhedra Network, the developer behind the interoperability protocol zkBridge, has provided details on the sudden price collapse of its ZKJ token. The company is pointing to a targeted “liquidity attack” and forced liquidations as the primary factors behind the crash. The event saw ZKJ’s price fall from around $2 to below $0.30 within hours.
In an official statement, Polyhedra co-founder Tiancheng Xie explained that a coordinated, on-chain liquidity attack caused the crash. The company’s report asserted that these events were orchestrated by malicious actors.
Polyhedra’s report pointed out that these events were not incidental but were instead orchestrated by malicious actors with the intent to destabilize the token’s value.
ZKJ Crash Wiped Out Over $500 Million in…
The post Polyhedra Network Blames “Liquidity Attack” for ZKJ Token Crash appeared first on Coin Edition.
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Polyhedra Network Blames “Liquidity Attack” for ZKJ Token Crash
Share:
- Polyhedra blames liquidity attacks for ZKJ’s crash from $2 to $0.30.
- ZKJ’s price drop erased $500M in market value, hitting $0.39.
- Polyhedra commits to buying back tokens and preventing future attacks.
Polyhedra Network, the developer behind the interoperability protocol zkBridge, has provided details on the sudden price collapse of its ZKJ token. The company is pointing to a targeted “liquidity attack” and forced liquidations as the primary factors behind the crash. The event saw ZKJ’s price fall from around $2 to below $0.30 within hours.
In an official statement, Polyhedra co-founder Tiancheng Xie explained that a coordinated, on-chain liquidity attack caused the crash. The company’s report asserted that these events were orchestrated by malicious actors.
Polyhedra’s report pointed out that these events were not incidental but were instead orchestrated by malicious actors with the intent to destabilize the token’s value.
ZKJ Crash Wiped Out Over $500 Million in…
The post Polyhedra Network Blames “Liquidity Attack” for ZKJ Token Crash appeared first on Coin Edition.
In This News
Coins
$ 0.0833
+2.26%$ 0.0112
+1.98%$ 0.00...361
$ 0.690
Funds
Share:
In This News
Coins
$ 0.0833
+2.26%$ 0.0112
+1.98%$ 0.00...361
$ 0.690
Funds
Share:
Read More
Silver Supply Crisis Looms as Binance Hits $70 Billion Volume in Precious Metals Like Gold