How did Alphal $ZKJ and $KOGE crash?

To put it simply: a few big players colluded to dig a pit, and retail investors fell in and got cut!

How did it happen? Let me explain step by step (three-step routine)

Digging the pit bait:

The project team and the "brush studio" created a KOGE/ZKJ trading pool, boasting a "annual yield of 2000%+" (sounds outrageous!), and misleadingly claimed that "trading has almost no losses" (false!).

Everyone rushed in to deposit money looking at the high returns (as LPs), on June 14, the trading volume of these two coins accounted for 87% of the entire Alpha (over 700 million USD!), in fact, no one really bought KOGE, the pool was as shallow as a puddle.

Blocking the escape route:

Big players secretly opened short positions on ZKJ at the exchange (buying insurance against a drop).

The KOGE project team pretended to support the price, only adding KOGE to the pool without adding money, causing the pool to become skewed, and 90% of the people wanting to escape had to first exchange KOGE for ZKJ before they could sell!

Closing the door to harvest:

Three big player addresses collaborated to crash the market within 20 minutes:

First, they pulled out their deposited money from the pool (withdrawing liquidity),

Then exchanged all KOGE for ZKJ,

Finally, they frantically dumped ZKJ for USD!

The price collapsed → people trading with leverage got liquidated → more people panicked and sold off → complete collapse!

💰 How much did the big players earn? (pure money grabbing)

First address: dumped ZKJ and took away 3.05 million USD 💸

Second address: continued the dump and grabbed 1.94 million USD 💸

Third address: made a killing after the crash and snatched 1.5 million USD 💸

The market retail investors complained:

Where were you earlier? They didn’t care about the volume fraud that created a bubble (trading volume of 2 billion USD on June 8, how much was fake?)

They didn’t check when the pool got skewed (the real liquidity of KOGE was less than 1%!)

They suddenly changed the rules to "first come, first served", clearly forcing big players to run away first!

💡 Lessons learned (keep in mind!)

High returns = high risks: APY in the thousands %? 99% are traps!

Pool depth is life: looking at high trading volume may just be “false excitement”, when it’s time to run, there’s actually no way out (KOGE is an example).

Hedging is a lifesaver: those who stored LP bare this time suffered heavy losses, but those who shorted ZKJ in advance actually made a profit.

To say something heart-wrenching:

While you are counting interest in the pool, the big players are counting your principal preparing to run away!

Next time you see a pool with “super high returns + full-chain hype”, ask yourself first: where did this money come from? Can I escape?