Recently, there have been frequent strange incidents with altcoins; I don't know if the market feels a bit cold, and manipulators think they need to act quickly before it’s too late~
First, on April 1, the so-called AI meme leader $ACT crashed, taking a bunch of copycat memes down with it, kicking off various performances of altcoins in April:
The project team attributed the cause of this avalanche to Binance's contract leverage reduction and market makers' sell-off (the adjustment of Binance's contracts triggered market makers to liquidate, which severely affected meme retail investors).
Half a month later, the price of $ACT is still flat, showing no signs of a rally, and it seems likely to drop again soon.
Not long after it calmed down, on April 13, the manipulators brought down the $OM token, which had been stable for a year, performing a high dive for everyone to see.
$OM (Mantra) was once ranked thirtieth in market cap before the crash, claiming to be the currently hot RWALayer-1 blockchain, and had gained considerable attention due to its collaboration with Google Cloud and Dubai's DAMAC Group.
However, the most well-known aspect of this project is still Ni Da, who is currently very popular in the Chinese cryptocurrency circle, and was an early builder of $OM.
The direct cause of the $OM crash is said to have been triggered by the 'reckless forced liquidation' of a centralized exchange.
But the actual reason is said to be internal conflicts between the project team and the market makers.
Recently, as more scandals have emerged, the final conclusion seems to be that the project team's focus is basically not on the project itself, but primarily on CX and market cap maintenance~
It feels like there have been frequent market maker failures recently; I don't know if it's intentional.
$IP, claiming to be financially strong, also crashed by a third in the middle of the night and quickly rebounded. Some traders believe this flash crash might have been a 'deliberate dump to induce shorts' by the project team, as the $IP token's trend is also strongly controlled by manipulators.
If the previous ones were performances by manipulators or market makers, these tokens below are even more shocking~
On April 14, the $Kilo exchange experienced a price drop of about 30% due to a hacker attack on the platform (exploiting a vault vulnerability), causing its market cap to shrink from 11 million USD to about 7.5 million USD.
According to the research of tech expert chaofan, anyone can change the price of the oracle on the Kilo platform, which seems to be a basic vulnerability.
Currently, the funds lost by the platform are already higher than the project's market cap, and onlookers are very curious about what the project team will use to compensate users for their losses~
If Kilo is still a trading platform, perhaps lacking in technical strength, the issues emerging from $Zk are even more chilling.
Zksync issued 110 million tokens $ZK on-chain and sold over 66 million tokens on-chain, with the team explaining that the token locking was hacked.
In other words, the project administrators can actually issue tokens at will; it's just that they haven't done so regularly...
Zksync claims to be the leader in zero-knowledge proofs, ensuring the security of the blockchain.
But in the end, it seems they can't even protect the security of their own tokens~
With so many strange incidents happening, is it starting to feel like last year's bear market?
