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The Polyhedra Network’s native token, ZKJ, experienced a devastating flash crash on June 15, plummeting more than 63% in under two hours, triggering over $99 million in liquidations and sparking widespread accusations of rug-pulling across the crypto community.
Whale Wallets Trigger the Collapse
1/ $ZKJ plummeted by over 63%, with more than $99M liquidated.
— Lookonchain (@lookonchain) June 15, 2025
What happened — and who triggered the crash? pic.twitter.com/cTFrNySw3v
According to blockchain tracker Lookonchain, six whale wallets collectively sold 5.23 million ZKJ tokens for approximately $9.66 million, right before the crash. These wallets had previously removed liquidity from both ZKJ and $KOGE, exchanging $KOGE for ZKJ and then dumping ZKJ en masse. This aggressive sell-off drained liquidity and triggered a steep price drop, prompting a wave of forced liquidations for leveraged long positions.
Among those liquidated were six traders who each lost over $1 million, with ZKJ accounting for 81.3% of all crypto liquidations in just four hours, per Coinglass data.
ZKJ Coin Price Crash
ZKJ’s price nosedived from $1.98 to a low of $0.7625, marking a more than 60% fall on CoinGecko. CoinMarketCap presented an even grimmer scenario, showing the token collapsing over 80% to $0.33, wiping out the token’s market cap to under $95 million. Although ZKJ briefly rebounded to $1.41, it quickly fell back to hover around $0.80 by midday.
What’s particularly shocking is that ZKJ had been trading in a relatively stable range between $2.05 and $1.98 for over a month, making the sudden breakdown all the more alarming.
$KOGE Connection and Community Backlash
It’s call a rug pull or a pump and dump. The weakness of all altcoins
— CryptoEqualizer (@Crypt2Equalizer) June 15, 2025
Crypto X users were quick to call out what many now suspect to be a coordinated “pump and dump” or even a “long-planned harvesting operation.” A key post by user $ETH APPLE alleged that the $KOGE pool had run out of $USDT, which left liquidity providers stranded and triggered a mass conversion of $KOGE into ZKJ, ultimately crashing both tokens.
“The issue began when the $KOGE pool ran out of $USDT, leaving LPs unable to exit positions,” wrote $ETH APPLE. “This led to a mass sell-off of $KOGE into ZKJ… the $KOGE team hadn’t added any $USDT to the pool.”