Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13286
Markets: 103925
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
America's Social Casino

Market Cap
24h Vol
13286
Cryptocurrencies
63.91%
Bitcoin Share
BitcoinSistemi 2025-06-16 19:42:09

Developers Reveal Reason Behind 85% Drop in Altcoin Price – Alleges Being Attacked

Developers Reveal Reason Behind 85% Drop in Altcoin Price – Alleges Being Attacked

Following the flash crash of the ZKJ token, which lost over 85% of its value in just one day on June 15, 2025, Polyhedra Network has published its preliminary assessment report on the incident. According to the report, the collapse was caused by coordinated on-chain liquidity attacks, Wintermute’s large transfers of tokens to centralized exchanges (CEX), and the liquidation of leveraged positions in the process. It is stated that planned moves towards liquidity pools on PancakeSwap played a major role in the collapse of the ZKJ/KOGE pair. According to the report, six different addresses withdrew a total of millions of dollars in liquidity and then carried out aggressive ZKJ sales: 0x1A29…599: Sold 1.57 million ZKJ, withdrawing approximately $4.3 million worth of LP tokens. 0x0781…dE7: Converted KOGE to ZKJ and sold 1 million ZKJ, making a $3.45 million transaction. 0x6aD3…EBb: He bought 772 thousand ZKJ from the address above and sold it in 8 minutes. Other addresses sold a total of 1.8 million ZKJ in the same minute. This attack directed selling pressure to the deeper liquid ZKJ/USDT pair rather than the low USDT liquid KOGE/USDT pair. The concentrated liquidity structure in PancakeSwap V3 also caused a significant loss of depth when the price was out of range, accelerating the price decline. Related News: Keep an Eye on This Date for XRP - It Could Heralder the Approval of a Spot ETF in the US Before the crash, ZKJ/KOGE had become a popular pair for Binance Alpha farming campaigns. However, after Binance changed its points system in early June, the rewards for such trades decreased and liquidity support began to weaken. In an attempt to stop the decline, the Polyhedra Network team provided liquidity of around $30 million in stablecoins such as USDT, USDC, and BNB via DEX market makers on PancakeSwap. However, due to the falling prices, all these tokens were automatically converted to ZKJ, which was insufficient to alleviate the selling pressure. Especially on exchanges like Bybit, leveraged positions that were opened with the decrease in spot prices were liquidated one after another. A total of $94 million worth of long positions were forcibly closed between 15:00 and 17:00. At least six major liquidation events exceeding $1 million each occurred around 15:57 UTC alone. Wintermute, one of the leading market makers, made remarkable moves during the crash. The company’s address transferred a total of 3.39 million ZKJ to central exchange addresses between 15:45 and 17:14 on June 15. During this period, the ZKJ price fell from $1.92 to $0.29. Wintermute’s wallet balance on Ethereum fell from 3.41 million ZKJ to 22,688 ZKJ. Polyhedra Network announced that these events are still in the preliminary evaluation phase, detailed analysis of all movements on the chain is ongoing, and the report will be updated in the coming days. *This is not investment advice. Continue Reading: Developers Reveal Reason Behind 85% Drop in Altcoin Price – Alleges Being Attacked

Most Read News

Moralis Money
Market Cap
24h Vol
63.91%
Bitcoin Share
371
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.