Researchers have identified the reasons for the sharp decline of tokens $ZKJ (Polyhedra Network) and $KOGE (48 Club DAO) on the Binance Alpha platform. On June 15, 2025, both tokens lost 70–90% of their value within an hour due to massive liquidity withdrawals by large holders (whales). Analysts link the incident to market manipulation and the vulnerability of the Alpha Points program, which incentivized trading to accumulate points. Three main wallets withdrew tens of millions of dollars, triggering a cascade liquidation.
According to data, the high level of token concentration — the top 10 addresses control up to 93% of KOGE and 80% of ZKJ — has made the market vulnerable. Additional pressure was caused by the unlocking of 15.5 million ZKJ, adding $10 million to the supply. Binance responded by excluding trading volumes between Alpha tokens from the points calculation starting June 17, to reduce risks. Experts are calling this a 'planned harvest operation,' pointing to weak liquidity and speculative activity.
The community criticizes projects for a lack of transparency, and 48 Club acknowledged the complete dilution of KOGE from day one without commitments regarding sales. Despite Polyhedra's claims of strong fundamentals, investor trust has shaken. This case highlights systemic issues in DeFi.
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