In the early hours of June 17, 2025, Tiancheng Xie, the founder of Polyhedra (ZKJ), confirmed that he would implement a token buyback program in the market to stabilize prices following a severe drop on Sunday.
Earlier, on the evening of June 15, 2025, two tokens favored by investors on Binance Alpha for “volume farming” – ZKJ and KOGE – suddenly plummeted by 90%, from $1.95 to just $0.28 within a few hours. This incident caught many investors off guard. The cause was identified as several wallets withdrawing liquidity from the ZKJ/KOGE swap pools on PancakeSwap, significantly impacting the prices of both tokens.
A report from Polyhedra on the morning of June 17 reinforced this hypothesis and revealed the involvement of Wintermute, one of the leading market makers, in this incident. Project representatives asserted that this was a deliberate “financial attack” targeting Polyhedra.
In response to the situation, Binance Alpha quickly adjusted its scoring method, removing the trading volume criteria for alpha tokens to prevent similar risks for other projects.
Addressing criticisms from the community, Tiancheng Xie expressed determination to overcome difficulties, turning challenges into opportunities to reinforce trust in the project. He also committed to implementing a buyback program for ZKJ tokens to support the price and mitigate the risk of another attack.
Following this announcement, the price of ZKJ surged from $0.38 to over $0.70, before adjusting to $0.45 at the time of this writing.
