On June 17, the ZKJ team released a preliminary report on token price crash, conducting an initial analysis of the over 80% price plunge on June 15. The main immediate causes include: a coordinated on-chain liquidity attack leading to massive token injection, Wintermute's large transfers to centralized exchanges, and subsequent chain liquidations on these trading platforms.
Preliminary investigations show that the massive token transfers initiated by Wintermute occurred simultaneously with extreme market volatility, and the ZKJ/KOGE pool on PancakeSwap also experienced concentrated liquidity withdrawal. Specifically:
1. Coordinated liquidity attack and selling behavior on PancakeSwap;
2. Binance Alpha incentive structure and liquidity vulnerability;
3. Liquidity provision of ZKJ on PancakeSwap;
4. Derivative chain liquidations on centralized exchanges;
5. Wintermute's large CEX deposits during the price crash.
