Lookonchain
@lookonchain1/ $ZKJ plummeted by over 63%, with more than $99M liquidated. What happened — and who triggered the crash?
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ZKJ, KOGE Tokens Crash Over 60% on Binance Alpha; $99 Million Liquidated
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11 posts • OpenAI (o3)
Updated
Tokens ZKJ and KOGE suffered a swift collapse on 15 June, losing more than 60 percent of their value within an hour on Binance’s Alpha venue and setting off a wave of forced liquidations.
ZKJ traded at about $0.78 late in the session, a 24-hour slide of 60.6 percent and an intraday drop of as much as 82 percent, while KOGE fell to $23.61, down 60.8 percent. Around $99 million in leveraged ZKJ positions were liquidated, and the token’s market capitalisation shrank from roughly $20 billion to $3.77 billion, according to on-chain data.
Blockchain-analytics firms said several large wallets—some tied to the Polyhedra team behind ZKJ—pulled liquidity and dumped tokens across multiple addresses, overwhelming order books. The developer collective 48 Club, which oversees KOGE, noted the coin had “no lock-up from day one,” distancing itself from the sell-off.
The rout comes amid a broader slowdown on Binance Alpha. Daily trading volume has fallen for six consecutive days to $987 million on 14 June, 51 percent below the 8 June high of $2.04 billion. ZKJ and KOGE still accounted for more than $860 million of turnover, underscoring the platform’s exposure to their volatility.
The episode has sharpened scrutiny of liquidity incentives and transparency in decentralised finance, with analysts warning that concentrated holdings and thin order books leave many newly issued tokens vulnerable to abrupt price collapses.
More breaking stories on DeepNewz — updated live.
Haotian | CryptoInsight
@tmel0211Both $ZKJ and $KOGE were manipulated to plummet, and a large number of retail investors woke up in the dream of trading volume on the Binance Alpha platform. Originally, I used my trading volume to earn an airdrop “interest”, but in the end, I lost even the principal amount. What's really going on behind this? Who should pay for this disaster? I'll try to take a deeper dive:
Phyrex
@Phyrex_NiThis is probably caused by the decline in Alpha's trading volume. Some back-office friends don't plan to wait; things are simple; they just want ZKJ's liquidity. If you go out and mix it up, you'll always have to pay it back.
Ai 姨
@ai_9684xtpaA hell of a joke 👹 —— Binance Alpha's airdrop value of all projects up to now is not $ZKJ lost much of its market capitalization today 2 billion market capitalization > 377 million market capitalization, 81% of the market value only takes 1 ️ * day to disappear. This is the coin industry
ᴛʀᴀᴄᴇʀ
@DeFiTracer🚨 BREAKING: POLYHEDRA TEAM JUST DUMPED $ZKJ -90% THEY USED MULTIPLE WALLETS TO SELL IT HERE'S THEIR MAIN ADDRESS:
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Lookonchain
@lookonchain1/ $ZKJ plummeted by over 63%, with more than $99M liquidated. What happened — and who triggered the crash?
MartyParty
@martypartymusicPolyhedra $ZKJ on Ethereum down 82% in flash crash. @PolyhedraZK
crypto.news
@cryptodotnewsBinance Coin stalls as $BNB Smart Chain surges past Ethereum and Solana The $BNB price is stuck in a tight range as the number of transactions, addresses, and DEX volume jump
Story Timeline
•Latest version
Polyhedra’s ZKJ Token Plunges Over 80%, KOGE Down 60% Amid $99M Liquidations; Co-Founder Plans Buybacks
Polyhedra’s ZKJ, KOGE Tokens Sink Over 60% After Liquidity Drain, Triggering US$99 Million Liquidations
ZKJ, KOGE Tokens Crash Over 60% on Binance Alpha; $99 Million Liquidated
•Original version
ZKJ, KOGE Tokens Sink Over 60% After Alleged Coordinated Sell-Off
