The project said several wallets had “coordinated a liquidity attack with an egregious malicious attempt” followed by “aggressive ZKJ sell-offs.” The team behind Polyhedra Network reported several factors that likely contributed to an 83% price crash of its ZKJ token on Sunday. In a Monday X post, Polyhedra attributed five significant factors causing Polyhedra Network (ZKJ) to fall to $0.32 from $1.92 within hours — a drop of more than 80%. According to the blockchain project, there were “significant token deposits stemming from a coordinated on-chain liquidity attack, substantial deposits by Wintermute into centralized exchanges, and cascading liquidations on these exchanges.” Polyhedra said several wallets had “coordinated a liquidity attack with an egregious malicious attempt,” with withdrawals targeting a ZKJ/KOGE liquidity pool on PancakeSwap, followed by “aggressive ZKJ sell-offs.” The affected trading pairs had fragile and imbalanced liquidity, leading the sell pressure to extend into ZKJ’s primary USD...
Wintermute joins at least eight other large crypto firms that announced their expansion to the US, banking on improved regulatory clarity for the Web3 industry. Wintermute, a London-based algorithmic crypto trading and market-making firm, has opened an office in New York as part of its expansion into the US. Wintermute announced the opening of its New York office on May 15, citing improved regulatory conditions in the world’s largest economy. “As the US takes a friendlier stance on digital assets and institutional adoption accelerates, we moved quickly to establish roots in New York City,” the company wrote in a May 15 X post, adding that the local presence will help them in “contributing to the future regulatory framework.” Read more