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What happened with Polyhedra ($ZKJ)?

What happened with Polyhedra ($ZKJ)?

The project team orchestrated a massive rug pull, draining over $40 million through liquidity manipulation, market maker control, and stealth dumps.

The main address involved in the sell-off: 0x558e6bB20238AC582Fa555061BD67D0247b5C071.

1. Background: stability and growth

For about a month prior, $ZKJ traded like a stablecoin.

Large buy/sell walls set by a market maker kept price impact minimal — even big trades didn’t move the chart.

Users started farming "Binance Alpha points," leading to increased trading volume and perceived stability.

2. The manipulation: staged liquidity drain

Phase 1:

- Removed ~$3.75M in $KOGE and ~$530k in $ZKJ from LP

- Swapped ~$3M worth of $KOGE into $ZKJ

- Then dumped $1.5M of $ZKJ into the market for $USDT & $BNB

Phase 2:

- Pulled ~$2M in $KOGE and ~$2.2M in $ZKJ from LP

- Swapped ALL $KOGE into $ZKJ (~$2M worth)

- Then market-dumped 1M $ZKJ tokens at $1.9

This triggered a chain reaction: draining the $KOGE/$ZKJ pools caused both tokens’ prices to collapse.

3. Coordinated exit disguised as normal market activity

The team forced the market maker to remove order walls and liquidity, opened short positions, and dumped into their own exit liquidity — all while appearing as regular trading activity.

It was a carefully planned rug pull under the guise of "market action."

4. Conclusion & tips for investors

This was a premeditated exit, with over $40M in volume flowing from liquidity pools into insiders’ wallets.

Ordinary users were essentially farmed — not farming themselves.
To protect your holdings, monitor on-chain activity, be wary of overly stable charts, and always check pool liquidity — because "sideways" often precedes a crash.

🌐 Website: https://mitosis.org

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