On June 15, Polyhedra reported the significant drop in ZKJ’s market cap, which fell close to $500 million within a time span of nine hours. This was due to a string of unusual on-chain transactions on the ZKJ/KOGE trading pair, taking place within a very short timeframe. According to Binance, the fall in the value of ZKJ and KOGE was a result of substantial holders withdrawing tokens, triggering a “liquidation cascade” in the market.

Some observers have attributed the price fall to a recent token release, and have accused Polyhedra of misconduct. However, no significant crypto analytics platform has yet confirmed these allegations. Polyhedra was contacted for a comment, but no immediate response was forthcoming.

Polyhedra, a crypto project focused on interoperability and leveraging zero-knowledge proofs, announced that they are “closely reviewing the situation”. They also reassured users that the fundamental integrity of the network remains unaffected.

On the morning of June 15, CoinGecko data revealed that the ZKJ token – Polyhedra Network’s utility and governance token – dropped by 60% from $1.92 to $0.76 within 90 minutes. A brief recovery saw the price rise to $1.41, but a downward trend resumed, causing the token to eventually fall to $0.32, erasing nearly $500 million in market value.

Binance has decided to alter the calculation rules of its Alpha Points token rewards program from June 17, in an effort to ensure market stability and fairness, and to mitigate “systemic risks of concentration”. Binance stated, “As of 00:00 UTC on June 17, 2025, the trading volume of trading pairs between Alpha tokens will no longer count towards Alpha Points calculation.”

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