After the KOGE project team blacklisted Polyhedra co-founder Tiancheng Xie, they were accused of manipulating liquidity: the USDT reserves in the KOGE/USDT pool were depleted (over 90% held in KOGE), forcing users to sell through the ZKJ/KOGE trading pair, resulting in ZKJ absorbing tens of millions of dollars in selling pressure in a single day. On-chain data shows three major whale addresses coordinated to withdraw and sell (5.83 million KOGE withdrawn in 20 minutes, 3.34 million ZKJ sold), exploiting the weak liquidity period in Asia to create a crash.

Analysis by Qinge

Evidence of wrongdoing: The KOGE team deliberately drained USDT reserves to force selling pressure onto ZKJ, and the blacklisting behavior avoids transparency, confirming a lack of risk control, suspected to be supplying chips to whales for coordinated short-selling; Industry issues: LP narrow range design (ZKJ/KOGE pool range 0.1%), with 70% of trading volume being machine wash trading creating false prosperity; A painful warning: Stay away from tokens with imbalanced reserves (USDT proportion <10% is high risk), monitor on-chain withdrawal signals from whales, and high FDV projects (ZKJ FDV/circulating value ratio >8.7 times) are all systemic harvesting traps.