The Protocol: Polyhedra Promises Buyback Plan After Liquidity Attack
This week in cryptocurrency tech development saw significant events across various sectors. Polyhedra, a crypto protocol, experienced an 80% price drop in its ZKJ token due to what it claims was a coordinated liquidity attack on PancakeSwap, exacerbated by large ZKJ deposits on centralized exchanges. The protocol is implementing a buyback plan and conducting a full investigation. Meanwhile, UK startup Optalysys launched a blockchain server utilizing Fully Homomorphic Encryption (FHE) for secure, large-scale data processing, offering a potentially more energy-efficient alternative to GPU-based systems.
The Ink Foundation, backing the layer 2 Ink protocol, is airdropping its native INK token, prioritizing liquidity through an Aave-based DeFi platform. Unlike other projects, INK features a fixed supply and separates token governance from layer 2 governance.
In other news, a SEC filing revealed a $100 million investment in SRM Entertainment (rebranding to Tron Inc.) funded entirely in TRX tokens, giving Justin Sun’s father board control and placing Tron-aligned advisors in key roles. JPMorgan piloted a permissioned USD deposit token, JPMD, on Coinbase’s Base network, marking its first Kinexys deployment on a public blockchain. Iranian exchange Nobitex suffered a $90 million hack attributed to the Gonjeshke Darande hacking group.
Regulatory developments included the overwhelming bipartisan passage of the U.S. Senate’s stablecoin bill, the GENIUS Act, which now moves to the House of Representatives. This significant legislative step demonstrates growing momentum for crypto regulation in the U.S.
Several upcoming events are noteworthy: Berlin Blockchain Week (June 8-22), Permissionless (June 24-26), EthCC (June 30-July 3), Web3 Summit (July 16-18), Korea Blockchain Week (Sept 22-28), Token2049 (Oct 1-2), Devconnect (Nov 17-22), Solana Breakpoint (Dec 11-13), Consensus Hong Kong (Feb 10-12, 2026), and Consensus Miami (May 5-7, 2026). These events highlight the continued growth and evolution of the cryptocurrency landscape.
