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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Co-founder of Polyhedra: After the "attack" causing a big dump of the ZKJ Token, more buybacks will be conducted.
Gate News bot message, Polyhedra Network co-founder Tiancheng Xie stated on Monday that following a purported targeted attack, most of the value of the ZKJ Token was wiped out, and his company will continue to buy back ZKJ Tokens.
"We will buy back more. Right now we need to figure out the current situation, we need to prevent future financial attacks," Xie stated in a post on X.
On Sunday, the price of ZKJ dropped from around $2 to $0.30 within a few hours. On Monday, Polyhedra released a preliminary report analyzing the potential reasons for the price crash.
Polyhedra stated: "Key direct factors include a large amount of Token deposits caused by liquidity attacks on the collaborative chain, significant funds deposited by Wintermute to centralized exchanges, and the chain liquidation of these exchanges (CEX)."
Earlier on Monday, Xie seemed to feel the pressure. "I know everyone is criticizing us right now, but we have faced this situation before. Last time we turned criticism into praise, and this time we will definitely do it, even better than before," the Polyhedra executive posted.
He emphasized: "Our technology is as solid as a rock. In the face of those suspicious financial attacks, we will never back down."
Source: The Block