Polyhedra's ZKJ Token Plummets 83% Amid Abnormal Transactions

- ZKJ token dropped by 83% due to abnormal on-chain transactions. - Binance changes Alpha Points calculation rules to mitigate systemic risks. On June 16, 2025, Cointelegraph reported Polyhedra’s ZKJ token experienced an 83% price drop. Abnormal on-chain transactions triggered this decline, leading to a liquidity crunch and a significant loss in market value. Polyhedra has announced an investigation into the event. ZKJ's price began its sharp decline on June 15, falling from approximately $1.92-$1.98 to as low as $0.31-$0.33. The transactions primarily involved the ZKJ/KOGE trading pair, and KOGE, BNB48 Club's governance token, also experienced a significant price drop. Binance attributed the collapse to large holders removing tokens, which it stated triggered a "liquidation cascade in the market." In response to the incident, Binance announced changes to its Alpha Points rewards program, effective June 17. The platform will no longer count the trading volume of trading pairs between Alpha tokens towards Alpha Points calculation, an adjustment aimed at ensuring market fairness and reducing systemic risks. Some observers have suggested a recent token unlock as a potential cause for the price drop; however, major analytics platforms have not confirmed this. Despite ZKJ's market capitalization falling by nearly $500 million, Polyhedra reassured users that the network's fundamentals remain intact and announced plans to release a post-mortem on the incident. Polyhedra’s prompt investigation and Binance's quick response underscore the significant measures being taken to stabilize the market and secure investor confidence amidst the recent turmoil.