According to @lookonchain, Polyhedra's ZKJ token experienced a severe price crash of over 80%, which the team attributes to a coordinated liquidity attack on its PancakeSwap ZKJ/KOGE pool. The source states that on-chain data showed several addresses draining millions from the liquidity pool, with one address alone removing approximately $4.3 million in LP tokens before dumping 1.57 million ZKJ. To counter the sell pressure, the Polyhedra team reportedly injected around $30 million in USDT, USDC, and BNB as DEX liquidity and has announced a buyback plan to restore trust. This incident contrasts with broader bullish market sentiment for stablecoins, as evidenced by the U.S. Senate's passage of the GENIUS Act and JPMorgan's pilot of a USD deposit token (JPMD) on the Base network. Additionally, the Ink Foundation is launching its INK token via an airdrop on an Aave-powered protocol.

According to @KookCapitalLLC, the crypto protocol Polyhedra saw its native token, ZKJ, plummet by over 80% following what the team described as a coordinated liquidity attack. The team's initial post-mortem cited several factors, including a significant attack on the ZKJ/KOGE liquidity pool on PancakeSwap. On-chain data reportedly confirmed that several addresses drained millions from the pool and subsequently dumped large quantities of ZKJ tokens, triggering a liquidity spiral. In response, the Polyhedra team injected approximately $30 million in USDT, USDC, and BNB to bolster DEX liquidity and announced a forthcoming buyback plan to restore market confidence. The team also affirmed that none of their own ZKJ holdings were sold during the incident.