Trader Abducted, ZKJ Token Crashes in Day of Crypto Turmoil

In France, a 26-year-old TikTok content creator was kidnapped and later released when his captors discovered he lacked the funds to meet their crypto ransom demands. Meanwhile, the Polyhedra Network’s ZKJ token experienced a sharp and sudden 83% decline on Binance following a series of irregular transactions, prompting the exchange to adjust its Alpha Points rewards system.

French Crypto TikToker Kidnapped and Released After Failing to Meet €50K Ransom Demand

France’s growing concerns over cryptocurrency-linked criminal activity intensified this week after a 26-year-old TikTok crypto trader was kidnapped in Juvisy-sur-Orge, a suburb of Paris, on Friday evening. The young trader, who reportedly has over 40,000 followers on TikTok, was abducted by a group of four assailants who demanded €50,000 (around $57,000) in cryptocurrency. The incident marks the latest in a disturbing series of crypto-related kidnappings across France.

According to a report published Sunday by French radio station Europe 1, the trader was returning home when the group forced him into a stolen vehicle. The kidnappers physically assaulted him while attempting to extort crypto assets they believed he had access to. However, their plan quickly unraveled when they discovered that their victim lacked the funds to meet their demand. After showing the low balance in his wallet, the abductors released him the following day.

The French Organized and Specialized Crime Division is now investigating the case, which adds to a growing list of violent incidents targeting individuals involved in the cryptocurrency sector.

This incident is not isolated. Over the past several months, France has witnessed an alarming rise in kidnappings and extortion schemes targeting crypto entrepreneurs and their families. On May 13, a more audacious attempt was made against the family of Pierre Noizat, co-founder and CEO of French cryptocurrency exchange Paymium. Assailants tried to kidnap Noizat’s daughter and grandson in what authorities believe was another crypto-related extortion effort.

Just ten days earlier, on May 3, Paris police intervened in a chilling case where the father of a crypto entrepreneur was held hostage for several days. The perpetrators reportedly severed one of the victim’s fingers in a horrific attempt to pressure the family into paying a €7 million ($7.8 million) ransom in crypto. French authorities later made multiple arrests in connection to the case, as confirmed by France 24.

Crackdown Underway: Arrests and Charges Mount

Authorities have been moving swiftly in recent weeks to dismantle the networks behind these crimes. On June 4, one of the alleged ringleaders of the kidnapping plots was arrested in Morocco. The man is suspected of coordinating multiple extortion attempts on French soil.

More significantly, the Paris public prosecutor’s office charged 25 individuals on May 31 in relation to a series of crypto-focused abduction and extortion plots. Many of these suspects are believed to have direct ties to organized crime groups operating within and beyond France’s borders.

The escalating violence has prompted the French government to take action. France’s interior minister reportedly held meetings with leaders in the country’s crypto industry to discuss improved security protocols and law enforcement coordination. There is growing recognition among French authorities that crypto entrepreneurs and influencers—especially those with a public profile—are becoming lucrative targets for criminal groups.

Chainalysis CEO Michael Gronager recently commented on the wave of attacks in Paris, noting that criminals are becoming increasingly sophisticated in tracking public blockchain wallets and monitoring social media posts to identify potential targets.

A Cautionary Tale for Crypto Influencers

The kidnapping of the TikTok crypto trader underscores a pressing reality for public-facing figures in the crypto space: visibility comes with risk. Many influencers regularly display their investment gains, portfolio snapshots, or wallet addresses in a bid to build trust and credibility with followers—but such transparency can attract the wrong kind of attention.

Security experts urge crypto influencers to adopt strict privacy measures, avoid disclosing asset holdings publicly, and consider the use of cold storage wallets. Moreover, law enforcement agencies are encouraging victims or potential targets to report suspicious activity and seek guidance on personal security enhancements.

Polyhedra Network (ZKJ) Crashes 83% in Hours Amid On-Chain Chaos and Liquidity Meltdown

Meanwhile, the Polyhedra Network’s native token ZKJ suffered a dramatic collapse of over 83% on Sunday, June 15, after what Binance and project officials described as “abnormal on-chain transactions” and a liquidity crisis on the ZKJ/KOGE trading pair. The token’s market cap was slashed by nearly $500 million in just a few hours, sending shockwaves across the crypto community and forcing Binance to revise rules around its Alpha Points rewards program.

According to a public statement from the Polyhedra Network posted to X, the price drop occurred due to “a series of abnormal on-chain transactions within a very short period.” The incident, which took place on the ZKJ/KOGE pair, rapidly drained liquidity and set off a cascading liquidation of positions as large holders exited their positions.

CoinGecko data shows ZKJ trading at $1.92 just before 2:00 am UTC on June 15. Within 90 minutes, the token had plunged 60% to $0.76. A brief rebound to $1.41 offered temporary relief before the price reversed again and continued downward. The most severe drop occurred around 9:25 pm UTC, when ZKJ nosedived from $0.77 to $0.32 — where it now trades flat, signaling a lack of renewed buying interest.

ZKJ’s change in price (Source: CoinGecko)

The collapse not only wiped out nearly $500 million in market capitalization, but also ignited a flurry of speculation among traders and observers. Some pointed fingers at a recent token unlock, suggesting that insiders may have dumped their holdings. Others accused Polyhedra of engineering a rug pull, though no on-chain data or analysis from reputable platforms has substantiated these allegations so far.

Binance Blames Liquidity Crunch, Adjusts Alpha Points Rules

Binance responded swiftly to the turmoil, attributing the collapse of both ZKJ and KOGE to a “liquidation cascade” that was triggered when large token holders removed substantial amounts of liquidity. These actions reportedly destabilized the pair’s order book, causing rapid price slippage and margin calls across leveraged positions.

To prevent further instability, Binance announced a critical change to its Alpha Points rewards program — a system designed to reward active participation in the Binance Wallet and Alpha ecosystem. The update, effective June 17, will exclude any trading volume between Alpha token pairs — such as ZKJ/KOGE — from contributing to Alpha Points calculations. According to Binance, the change aims to “reduce systemic risks of concentration” and promote market fairness.

The Polyhedra Network, an interoperability protocol that leverages zero-knowledge proof technology for cross-chain messaging and identity verification, assured users that the incident had no bearing on the project’s core infrastructure or roadmap.

In a statement, the team said they are “closely reviewing the situation” and will provide a full post-mortem in due course. 

Despite this assurance, investors remain shaken. The project’s social media pages and community channels have been flooded with concerned users demanding clarity about the suspected exploit or mismanagement.

The Risks of On-Chain Volatility and Tokenomics

While the full details behind the price collapse remain unclear, the situation highlights persistent vulnerabilities in low-liquidity trading pairs and the inherent risks of poorly timed token unlocks. Crypto traders and investors are increasingly vocal about the need for transparent tokenomics, better safeguards against wash trading, and more responsible incentive programs from exchanges.

ZKJ’s pairing with KOGE, a relatively niche governance token tied to the BNB48 Club within the Binance ecosystem, may have further compounded the fragility of the trading pair. With few market makers and limited liquidity pools, the pair was susceptible to manipulation or panic exits by large whales.