On June 17, the ZKJ team released a preliminary report on the price slump of tokens, providing a preliminary analysis of the more than 80% price slump of ZKJ tokens on June 15. The main immediate triggers included: a large number of token injections caused by a coordinated on-chain liquidity attack, large transfers from Wintermute to centralized trading platforms, and chain clearing on these trading platforms.
Initial investigations revealed that a large number of token transfers initiated by Wintermute coincided with extreme market volatility, and there was also a centralized withdrawal of liquidity from the ZKJ/KOGE pool on PancakeSwap. The details are as follows:
1. Coordinated liquidity attacks and sell-offs on PancakeSwap;
2. Binance Alpha Incentive Structure and Liquidity Fragility;
3. Liquidity provision of ZKJ on PancakeSwap;
4. Derivatives chain clearing on centralized trading platforms;
5. Wintermute's large CEX deposits during the crash.
The ZKJ team released a preliminary report on the ZKJ slump, which was triggered by on-chain liquidity attacks
2025-06-17 00:22:12
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