Polyhedra Launches ZKJ "Phoenix Revival" Initiative
Polyhedra has announced the ZKJ "Phoenix Revival" initiative to compensate users affected by recent market volatility. Key details:
- Eligibility: Users who staked ZKJ on Ethereum or BNB Chain by June 15, 2025 (21:00 UTC), qualify for rewards.
Benefits:
- Priority access to future ecosystem airdrops.
- Incentives based on their staked share (SP) at the snapshot time.
👉 Stay updated on ZKJ’s recovery efforts
ZKJ Price Crash: Preliminary Investigation Report
The ZKJ team released a report analyzing the June 15, 2025, price drop (~80%). Key findings:
Coordinated Liquidity Attack:
- PancakeSwap’s ZKJ/KOGE pool faced mass sell-offs and liquidity withdrawals.
Wintermute’s Large Transfers:
- Suspicious timing of CEX deposits coincided with market turmoil.
Chain Reaction:
- Cascading liquidations on centralized exchanges exacerbated the decline.
"We’re implementing safeguards to prevent future exploits," stated Polyhedra’s co-founder.
ZKJ Buyback Plan Announced
Polyhedra co-founder Tiancheng Xie confirmed market buybacks to stabilize ZKJ:
- "Our focus is on restoring confidence and preventing further attacks."
KOGE Team Denies Involvement in ZKJ Crash
48ClubIan (KOGE project lead) clarified:
- KOGE’s treasury holds no ZKJ.
- No collaboration with Polyhedra exists.
- The crash stemmed from Alpha pool vulnerabilities, not KOGE actions.
Market Impact: $102M in ZKJ Liquidations
24-hour stats (Coinglass):
- ZKJ liquidations: $102M (47.4% of total market).
- Majority were long positions ($97.5M).
Binance’s Statement on ZKJ/KOGE Volatility
Binance attributed the crash to:
- Large holders withdrawing liquidity.
- Chain-reaction liquidations.
ZKJ’s Partial Recovery (+80% in 1 Hour)
Despite a 77% 24-hour drop, ZKJ rebounded briefly:
- Market cap: $1.4B at peak recovery.
FAQs
Q: What caused ZKJ’s price crash?
A: A mix of liquidity attacks, large CEX transfers, and liquidations.
Q: Is Polyhedra compensating affected users?
A: Yes, via the "Phoenix Revival" staking rewards program.
Q: Are KOGE and ZKJ connected?
A: No. KOGE’s team confirmed no shared holdings or projects.
Q: How can I track ZKJ’s recovery?
A: Monitor Polyhedra’s official channels for updates.
Disclaimer: This article is for informational purposes only. Cryptocurrency investments carry risks.
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