This article will be updated with new developments.
In a sudden drop, Polyhedra Network’s token ZKJ plunged from around $1.90 to just $0.30 – an over 80% collapse in less than an hour. The project, which only recently launched on Binance’s Alpha platform on May 7, saw its market cap wiped out in minutes, leaving holders scrambling for answers.
Update: Polyhedra released a post-mortem on the collapse and accused KOGE.
Table of Contents
The Crash
Earlier in the day, ZKJ had been trading steadily near the $2 mark. But then, within one hour, the price began falling rapidly and the token hit a low of around $0.27 on major platforms – a new all-time low. While brief spikes followed, the damage was already done, and the price showed no real signs of recovery.
Team Response
Polyhedra’s team responded shortly after the collapse, stating:
They emphasized that the project’s fundamentals “remain strong” and that development will continue as planned.
While the message aims to reassure, it provides few specifics, and key details about the abnormal activity or any implicated accounts have not been released.
Binance Speaks Out
Binance, which launched ZKJ on its Alpha platform just over a month ago, also issued a statement:
The collapse wasn’t limited to ZKJ. KOGE, another token in the Alpha program, also experienced a severe drawdown – losing over half of its value in the same time frame. The joint volatility suggests the event was not isolated, and may have been triggered by coordinated or highly concentrated liquidity movements.
Binance also announced a change to its Alpha Points program, stating that starting June 17, trading volume between Alpha tokens will no longer contribute to Alpha Points. While not directly aimed at ZKJ, this policy change could signal Binance’s attempt to curb volatility in the Alpha ecosystem.
Read also: ACT Memecoin Crashes 50% After Binance Changed The Rules
What’s Next?
The Polyhedra crash closely mirrors other recent token collapses, such as Mantra, Solayer and DeXe – sharp liquidation-driven drops with vague early explanations and limited transparency. The core difference here is that ZKJ was still in its early post-listing phase, and confidence had yet to solidify.
As of now, there’s no official word on whether affected users will be compensated or if any safeguards will be introduced going forward. The market remains cautious, and unless the team provides a clear breakdown of what occurred – including who sold, how liquidity dried up, and what mechanisms failed – trust may be difficult to rebuild.
Read also: Polyhedra Releases Post-Mortem on ZKJ Collapse – and Accuses KOGE
