Welcome to the protocol, Coindesk summarizes the most important stories in cryptocurrency technology development every week. I am Margaux Nijkerk, a technology and protocol reporter at Coindesk.
In this question:
- Polyhedra accuses ZKJ of 80% price drop in liquidity attack promises buyback
- UK launch Optalysys debuts as a blockchain server
- Start with ave-driven liquidity scheme
Online News
Polyhedra accuses of liquidity attacks on price drops, releases buyback plan:Polyhedra is a crypto protocol that announced a repo program to restore trust, its token ZKJ dropped by more than 80% in a few minutes. initial Autopsy Released in the Asian morning, various factors that led to the collapse were listed, including a coordinated liquidity attack on Pancakeswap’s ZKJ/KOGE pool, a large amount of ZKJ sediments from municipal company Wintermute, as well as a centralized exchange, and a series of liquidations of CEXs, such as CEXS. Data on the chain suggests that several addresses drain millions of dollars from the ZKJ/Koge pool. One removed approximately $4.3 million in liquidity provider (LP) tokens and abandoned 1.57 million ZKJs; others followed closely behind, with nearly 1 million ZKJs per offload. The team claimed that when shallow koge/USDT pools could not absorb the pressure of selling, the activity spilled into the deeper ZKJ/USDT pool, triggering a liquidity spiral. To stop bleeding, Polyhedra’s team injected approximately $30 million of USDT, USDC and BNB into DEX liquidity. It added that there was no sale of ZKJ Holdings, which belonged to the team. Polyhedra confirmed it is conducting a comprehensive technical investigation, with its upcoming buyback program designed to offset the impact of the attack and prevent similar future exploits. – Shaurya Malwa Read more.
Optalysys debuts on the blockchain server: Optalysys is a UK startup focused on secure computing, introducing it claims to be the world’s first world server that can process data at scale without decryption. The company’s Lightlocker node is the server used Completely homomorphic encryption (FHE), a mathematical technique that allows calculations to be performed on encrypted data without compromising encryption. Several companies last year Raise funds and Explore the application of FHE Inside the cryptocurrency space. Optalysys says its server hardware is a dedicated build for blockchain encryption and provides an inexpensive and inefficient alternative to GPU-based, using 40% of the energy. – Ian Allison Read more.
Ink Foundation with Respiratory Token: The Ink Foundation, the nonprofit behind Layer 2 Ink, is launching its local token ink to try to guide the on-chain capital markets through a liquidity-first strategy. The token will debut, built on AAVE with a decentralized financial (DEFI) loan and transaction protocol, and distribution will begin with Airdrop, to early users. The foundation said there will be no governance heads or fluctuations in emissions schedules. The hard cap of ink is 1 billion tokens, and supply is not changed through governance proposals. Unlike other SuperChain members, Ink says its tier 2 governance will be separated from the token. – Shaurya Malwa Read more.
In other news
- one Submissions filed by the Securities and Exchange Commission (SEC) are released on Monday night outlines the relationship between Tron DAO, Justin Sun, and SRM Entertainment, a Nevada company in the process of changing its name to Tron Inc. The filing details a $100 million private investment in public equity (PIPE) deal, paid entirely in TRX tokens, that gives Sun’s father, Weike Sun, board control and positions Tron-aligned advisors in key governance roles. Weike was appointed chairman, and Zhihong Liu was also known as Steve Liu. – Sam Reynolds Read more.
- US banking giant JPMORGAN announced pilots of allowed USD deposit tokens called JPMD, a 2-layer Ethereum network built by the list’s Exchange Coinbase (Coin). Earlier this week, The bank submitted a trademark application For a cryptocurrency-centric platform called JPMD, it aims to provide services such as transaction, exchange, transfer and payment services for digital assets, as well as the issuance of digital assets. According to the press release, the agency-focused JPMD is an alternative to Stablecoins for the bank’s clients, marking the first deployment of JPMorgan’s Kinexys Kinexys distribution ledger technology studio on public blockchains. – Ian Allison Read more.
- According to a blog post by blockchain security firms, Novnox of Iranian crypto exchange has been hacked by Israel and Israel’s hackers to militant group Group Group Group Group Group Book Backs Back. Oval. “After the bank, it’s Nobitex’s turn,” the group said in a post X. Cyber attack on Iran’s state-owned lender on Tuesday. They warned that Nobitex’s internal data and source code will be released within one day and that any assets remaining on the exchange will be “risk”. – Shaurya Malwa Read more.
Regulation and Policy
- The overwhelming bipartisan passage of the U.S. Senate’s stability bill, a 68-30 final vote, brought a massive surge of Democrats to join the Republican opposition on Tuesday, setting a new high-level marker for U.S. crypto policy efforts, as the legislation is now House legislation. Major democratic support Guiding and Establishing the Stable National Innovation (Genius) Act of the United States in 2025 Help it land in another conference hall, during which House members can vote in writing, or pursue changes, which require advancement in the Senate before heading to President Donald Trump’s desk. – Jesse Hamilton Read more.
calendar
- June 8-22: Berlin Blockchain Week,Berlin
- June 24-26: No permissionBrooklyn
- June 30 to July 3: EthccCannes
- July 16-18: Web3 Summit,Berlin
- September 22-28: South Korea Blockchain WeekSeoul
- October 1-2: Tokeen2049Singapore
- November 17-22: DevConnectBuenos Aires
- December 11-13: Solana Break PointAbu Dhabi
- February 10-12, 2026: consensusHongkong
- May 5-7, 2026: consensus,Miami
