- Co‑founder Tiancheng Xie confirms fresh buybacks to stabilize ZKJ.
- Crash caused by coordinated “financial attack” and massive liquidity extraction.
- Polyhedra now assessing breach and reinforcing safeguards.
Polyhedra Network’s native token, ZKJ, recently suffered a sharp price crash after what the team calls a coordinated “financial attack.” According to co‑founder Tiancheng Xie, the attack involved targeted large-scale withdrawals and sell-offs that triggered cascading liquidations across exchanges.
In response, Xie pledged on social media: “We will buyback more. Now we need to figure out current situation and we need to prevent future financial attack.” This signals a proactive effort to stabilize the token and reassure the community.
What Caused the Crash?
According to market analysis, the crash stemmed from a coordinated on‑chain liquidity drain. Large holders dumped ZKJ into the KOGE/ZKJ pool on PancakeSwap, triggering price dislocation. Simultaneously, a major trading firm reportedly offloaded millions of ZKJ tokens on centralized exchanges, causing further price pressure. This fueled over $94 million in forced liquidations—a flood that tanked the token.
Upcoming Buybacks & Security Measures
- Buyback Plans: Polyhedra will step in to purchase ZKJ tokens at depressed prices, aiming to stabilize the market and support long-term holder confidence.
- Thorough Investigation: The team is actively auditing the situation to pinpoint vulnerabilities.
- Strengthened Defenses: Measures will be adopted to block future exploit attempts—though specifics haven’t yet been disclosed.
What This Means for ZKJ Holders
- Short-term Stability: Buybacks may help arrest the token’s freefall and boost sentiment.
- Heightened Risk: The incident highlights ongoing vulnerabilities in DeFi markets—even with reputable projects.
- Long-term Trust Rebound: How Polyhedra handles the aftermath and enhances security will determine whether investor confidence returns.
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