Polyhedra ZKJ tokens plummet 83% after ”abnormal trading”; $500 million in market capitalization disappears

ZKJ, the governance token of the Polyhedra Network, plummeted 83% in a single day.
Cointelegraph reported on the 15th (local time) that the price of ZKJ tokens had fallen from $2 to $0.31.
The crash was reported to be due to a series of "anomalous on-chain transactions" that occurred in the ZKJ/KOGE trading pair. Polyhedra said through X on the same day, "This price drop was due to the sudden increase in the number of ZKJ transactions in a very short period of time.
The incident was caused by a series of abnormal transactions on the /KOGE trading pair, and the company said it was investigating the incident. The crash wiped out nearly $500 million of ZKJ's market capitalization in about nine hours.
However, some trackers analyzed that the drop occurred in less than two hours. Binance said that the incident was caused by "large holders removing their tokens and causing a market downturn."
"A chain reaction of liquidations has occurred," he explained. Some have speculated that the recent token unlock may have been to blame, and Polyhedra
Polyhedra has said that the "basic structure of the network is intact" and that the network is in good health.
The company said it is closely monitoring the situation and plans to release details through a postmortem analysis in the near future. Polyhedra is known as a zero-knowledge proof-based interoperability project.
Due to this incident, ZKJ fell 60% from $1.92 to $0.76 in about 90 minutes until 2:32 (UTC) on the day of the incident. It then rebounded to $1.41 in the next 90 minutes, but then
It fluctuated between decline and flat for six hours. As of 3:52 p.m. on the 16th, it was trading at $0.3349 on the cryptocurrency marketplace CoinMarketCap, down 82.97% from the previous day.
It has been done.