About the price crash of $KOGE on 20250615

Some facts:

The crash was not caused by 48Club dumping $KOGE

The crash was also not caused by me dumping $KOGE

48Club has no business dealings with the ZKJ project party, nor any similar plans

48Club's treasury has never held (or held) ZKJ

I have never held (or held) ZKJ

Binance Research and Binance Web3 colleagues have consulted me separately about the price drop incident, and I have given the above explanation

48Club has never provided a 'low fee pool that requires limitations on large amounts to enter'; in fact, technically it is impossible to achieve this by providing liquidity.

Some opinions:

The details of the events directly leading to the price drop can be found in @ai_9684xtpa's analysis (same number on Telegram)

Alpha assets can be counted as trading volume due to the arbitrage, which is a clear loophole in the rules. I have expressed my views and warned about the risks multiple times in Binance Square and on Twitter.

Some plans:

48Club will hold the second phase of the KOGE trading competition starting on 6.16, lasting for one week. The prize for the last phase was $57996.7872. Please check the official website for specific rules https://www.48.club/trade-race

Some heartfelt words:

Please correctly differentiate between 'being able to see through the conspiracy behind things' and 'being the promoter of the conspiracy behind the events'.

If the person who warns about the risks is necessarily the initiator of the risks, then why should you help up the elderly person you knocked down?

Be a bit more optimistic; don’t always think that everyone is trying to cut you. I have no interest in cutting you; your assets are thinner than the blade I use.