$KOGE and $ZKJ collapsed against the dollar
Liquidity pools were drained. 😵😧
More than 7 million dollars were drained in minutes.
Here’s what happened in this article 🧵
For weeks, it seemed that $ZKJ was untouchable.
It had over 20 million dollars in liquidity, and was traded with almost zero fees
And it became the favored coin for gathering #BinanceAlpha points
It was extremely stable, to the point that many referred to it as a strong stablecoin
But that was an illusion 🙋♂️😅
The first signs of manipulation came from $KOGE.
Its $USDT pool ran out, leaving liquidity providers stuck without an exit.
Traders rushed to swap #KOGE for #ZKJ
A wave of panic selling began, breaking the minimum price of $ZKJ.
Both coins began to decline
Then coordinated exits started.
Multi-million wallets withdrew liquidity 🤷♂️
Then massive amounts of #ZKJ were returned to the market.
Some wallets initially swapped #koge for $ZKJ to inflate trading volume and hide exits
And others exited directly, causing violent price drops
The collapse did not stop there.
While liquidity was completely drained, the launch of the #polyhedra token reached 15.5 million tokens $ZKJ
With more than 30 million dollars in open trading.
The timing couldn't be worse.
And behind all that was the same farming scheme we saw before.
Traders exploited low fees, artificial spreads, and traded to gather alpha points on #Binance .
This created an illusion of demand
But the structure of the coin collapsed immediately.
#Bybit just announced that #ZKJ will be delisted from the Prep trading platform.
The bad news keeps coming
And the team is now officially under fire
Polyhedra finally responded. What a joke 😅🥲
They apologized.
They asked the community to stay with them lol what a joke
They promised that all future plans are still ongoing.
But after an 83% loss in one hour
Can anyone still believe this?
