Polyhedra Network's ZKJ token plummeted 83% to 31 cents from $2 after a series of abnormal on-chain transactions in the ZKJ/KOGE trading pair. This drastic price drop occurred on June 15, resulting in a nearly $500 million decrease in market capitalization within nine hours. Binance attributed the crash to large holders removing tokens, which triggered a liquidation cascade. Some speculated that the price drop might be linked to a recent token unlock, although these claims have not been substantiated by major crypto analytics platforms. Polyhedra is investigating the incident and has assured users that their funds remain safe. The ZKJ token initially dropped from $1.92 to $0.76 in a 90-minute span but briefly recovered to $1.41 before further declines. The second fall occurred later that day, where the token dropped to $0.32. Binance announced adjustments to its Alpha Points calculation for the trading pairs to prevent such market instability going forward.

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