$BNB #BinanceAlpha On 06/16/2025 – The crypto market witnessed severe fluctuations as ZKJ and KOGE fell more than 80% overnight on 06/15, causing tens of millions of USD in losses for investors.

Cause of Incident: The "Withdrawal + Dump" Plan Was Intentional

🔴 3 main whale addresses coordinated to execute the strategy:

  1. Withdraw liquidity (LP) from KOGE → sudden drop in APY.

  2. Dumping KOGE → creates a domino effect pulling ZKJ down.

  3. Leverage contract:

    • ZKJ futures were liquidated at 93.68 million USD (mostly long positions).

    • KOGE has no contracts but is affected by common trading pairs.

⚠️ Warning Signs Prior:

  • LP liquidity decreased before the incident occurred.

  • Staking APY dropped sharply, wash trading disappeared.

  • ZKJ is about to unlock 15 million tokens on 06/19 → adding more selling pressure.

Risk Analysis From Bitunix

  1. Alpha Ecosystem's Lack of Transparency:

    • The Alpha scoring mechanism is prone to exploitation for "creating fake volume."

    • Small projects like ZKJ/KOGE are completely dependent on liquidity from Binance and are easily manipulated.

  2. Preventive Strategy:

    • Steer clear of coins dependent on Alpha points in the short term.

    • Be cautious with tokens that have high FDV and unusually stable prices (often a sign of a trap).

    • Monitor Binance's moves: Will the exchange adjust the Alpha mechanism after the incident?

  3. Important Lesson:

    • "High rewards ≠ Low risk": Reward programs do not guarantee safety.

    • Back to basics: Evaluate projects based on the team, real products, not just APY or rankings.

Market Forecast

  • ZKJ & KOGE are hard to recover without whale buying.

  • Other Alpha tokens may face selling pressure due to widespread panic.

👉 Final Advice:

"Don't become prey in the liquidity multi-level game. On-chain analysis and risk management must be a top priority."

Source: Bitunix Research – Update 06/16/2025