ZKJ Team Releases Preliminary Report on ZKJ Plunge, Citing Triggers Such as On-Chain Liquidity Attacks
On June 17, the ZKJ team released a preliminary report on the token price crash, providing an initial analysis of the over 80% drop in ZKJ token price on June 15. The immediate triggers mainly included: a coordinated on-chain liquidity attack resulting in a large influx of tokens, substantial transfers by Wintermute to centralized exchanges, and a series of liquidations on these trading platforms. Preliminary investigations indicate that the large token transfers initiated by Wintermute coincided with extreme market volatility, while the ZKJ/KOGE pool on PancakeSwap also saw a concentrated withdrawal of liquidity. The details are as follows: 1. Coordinated liquidity attacks and sell-offs on PancakeSwap; 2. Incentive structures and liquidity vulnerabilities; 3. Liquidity provision status of ZKJ on PancakeSwap; 4. Chain liquidations of derivatives on centralized exchanges; 5. Large CEX deposits by Wintermute during the crash.
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