Last night, the cryptocurrency market staged a bloody harvesting drama once again, with the two star coins, ZKJ and KOGE, on Binance Alpha suddenly crashing, burying quite a few players.
ZKJ plummeted over 80% from $1.98, and KOGE was also cut in half from $62. This operation was simply more thrilling than a roller coaster.
Upon closer inspection, it turned out to be a meticulously planned harvesting game. A few big players had already laid in wait, first using low transaction fees to attract retail investors into the market, and once the 'chives' had grown to a decent height, they suddenly withdrew liquidity and unleashed a series of sell-offs, resulting in a direct crash in coin prices. The worst off were those who had opened contracts; just ZKJ alone saw a liquidation of $100 million, truly blood flowing like a river.
Binance responded quite quickly, immediately changing the points rules, stating that starting from the 17th, Alpha token mutual brushing would no longer count for points. But to be honest, this kind of "points mining" game is essentially a casino; those who entered early might get a taste, while those who come late are destined to be cut. Especially for homegrown projects like ZKJ, which had already been harvested once on OK, changing a name to come back to Binance for another round of harvesting, the pattern is simply identical.
Now the KOGE team is still shifting blame, saying, "It has nothing to do with us," but anyone with clear eyes can see that a single asset's price can be manipulated to differ by half, and the design of the liquidity pool had significant issues from the start. Exchanges change rules, project teams harvest chives, and in the end, it is always the small retail investors who get hurt.
To be honest, after spending a long time in the cryptocurrency world, you will find that all activities claiming to be "guaranteed profits" ultimately make greedy individuals foot the bill. Want to make money by brushing points? First, ask yourself if you can bear the risk of losing your principal to zero.