A friend asked me how I view the recent crash of ZKJ and KOGE, so I’ll briefly explain:
ZKJ dropped 82% in one day, and KOGE also plummeted by 60%! These two projects are the core projects with the most aggressive score boosting on Binance Alpha. How many people stayed up late every day to grind and earn points, and just last week, Binance updated the rules: as long as you provide liquidity, you can earn more points. Retail investors poured in real money!
And what happened? As soon as the project team got your money, they immediately started dumping and running away, without hesitation. On-chain, someone has already dug out that millions of dollars worth of chips were being dumped like crazy, with contracts being directly sold off and spot exchanges being arbitraged, the operation process was so professional it looked like a textbook, and the harvesting rhythm was smooth as silk.
Moreover, the ZKJ coin had been stagnant for six months, hovering around $2, with a level of control that’s almost insane, can you believe it? It didn’t drop during the market crash, and it didn’t rise during the market boom, just lay there like stagnant water—then suddenly one day it breaks down? Who could have done that? If not the project team, then who? They just fattened you up and then slit your throat.
Can Binance investigate? Of course they can! The contracts are right in their own house, and when they look at the data, it’s clear who opened short positions early and who dumped the spot. But the question is, do they investigate? No, they are used to turning a blind eye, and afterwards, they simply say, "The actions of the project team are not related to the platform."
And who suffered the most this time? It’s not the spot traders, it’s those liquidity providers (LPs) who lost everything. These people were tricked into the platform’s “new rules” and ended up being colluded against by the project team to the point where they had nothing left!
How can Binance Alpha still operate? Two leading projects have directly collapsed, who else dares to participate? How can liquidity be sustained? Just look at the points threshold; it will definitely be lowered next, because no one dares to enter the market anymore, everyone is scared! Scared of encountering the next ZKJ, the next KOGE!
What’s even more ironic is that Binance and the BNB chain have become the biggest winners in this round! Trading volumes have skyrocketed, new wallets have been created, and the data looks prosperous—behind it all is a façade built on the money of retail investors!
CZ keeps shouting “Keep Building”, but the result of building for half a year was just to execute this precise harvesting?
To sum it up: in this circle, there’s no sense of “participation”, only a feeling of “being slaughtered”. You think you’re gaining Alpha, but in reality, they are gaining from you.
