Warning Ignored: $99 Million Liquidated in Crypto’s Latest Bloodbath

• Whales dumped $9.6M in ZKJ, triggering massive token crash.
• Over $99M in long positions liquidated within four hours.
• Analysts suspect $ZKJ collapse was a coordinated insider rug pull.

The cryptocurrency market saw a dramatic event as Polyhedra Network’s native token ZKJ crashed by over 85% in just a few hours. The token’s price dropped from $2 to $0.26 triggering panic among traders and wiping out millions in liquidations.

According to data from Lookonchain, trouble started when several large wallets began pulling out liquidity from the ZKJ and KOGE trading pair. Six whale wallets alone sold around 5.23 million ZKJ tokens for $9.66 million.

This sudden sell-off caused a chain reaction, leading to more than $99 million worth of long positions getting liquidated,  accounting for over 81% of all crypto market liquidations within a span of four hours.

Was it a Well-planned Rug Pull?

Once a popular choice…

The post Warning Ignored: $99 Million Liquidated in Crypto’s Latest Bloodbath appeared first on Coin Edition.