Another token, ZKJ crashes yet again

[Firstfrost]

Just saw the news that Polyhedra’s native token ZKJ fell by 83% yesterday wiping out appr. $500 million from the company’s market value. The coin ZKJ plummeted from $2 to $0.3 in few hours. According to the company, this sudden collapse was as a result of “abnormal on-chain transactions”. This is wild because ZKJ established as one of the less volatile tokens in the market.

The crypto market keeps getting more unpredictable with projects tokens, just two months ago Mantra’s native token OM also crashed by 90% allegedly wiping out over $10 billion in market cap. This rugpull incidents need to stop at this point, you can imagine the state in which the victims of the rugpull would be now.

In their defense, they said it resulted from large liquidity withdrawals as the issue began when the KOGE pool ran out of USDT leading to a massive sell-off of KOGE to ZKJ which resulted in the token crash. Do you think this is the case or it was the intentional attempt of the project’s team ? And i hope there’s no victim of this rugpull on the forum ?

[o48o]

Just saw the news that Polyhedra’s native token ZKJ fell by 83% yesterday wiping out appr. $500 million from the company’s market value. The coin ZKJ plummeted from $2 to $0.3 in few hours. According to the company, this sudden collapse was as a result of “abnormal on-chain transactions”. This is wild because ZKJ established as one of the less volatile tokens in the market.

The crypto market keeps getting more unpredictable with projects tokens, just two months ago Mantra’s native token OM also crashed by 90% allegedly wiping out over $10 billion in market cap. This rugpull incidents need to stop at this point, you can imagine the state in which the victims of the rugpull would be now.

In their defense, they said it resulted from large liquidity withdrawals as the issue began when the KOGE pool ran out of USDT leading to a massive sell-off of KOGE to ZKJ which resulted in the token crash. Do you think this is the case or it was the intentional attempt of the project’s team ? And i hope there’s no victim of this rugpull on the forum ?

Imho there are not much difference if team is being malicious or incompetent. Because often incompetency can be weaponized incompetency, or result of team neglecting the very fundamentals.
It's probably hard to prove if this was their intent, but i don't understand why the explanation is considered to be "in their defense", as they are the ones who need to prepare for something like this from the start. 

[asriloni]

I explain you what happened.

Chinese farmers are farming Alpha points. They trade everyday in Binance alpha to get points, and increase their possibility to get Binance Alpha airdrop. However, they manipulated the market by providing LP to the specific pool that will charge them low fees (get fees as return) and small slippage when they're doing swap in Binance Alpha.

And then, many complaints came to Binance because these Chinese farmers were robbing alpha airdrop by manipulating it (used hundreds of device). So Binance decides to re-evaluating their Alpha mechanism, and implement new rules that will prevent those Chinese farmers to farm it.



48 clubs as the biggest holders of Koge token, which is used to manipulate Binance Alpha aware if the rules will be revamped. So they decide to dump all of their Koge at ATH, and pushes the price to go down for more than -80%.

It creates massive impact to the whole of tokens listed on Binance alpha. It's all about to create fairness mechanism, yet happy to see Chiense farmer get rekt.

[$crypto$]

Seeing this news about Chinese farmers trying to take advantage of Alpha points by trading there creates a new wave where they continue to manipulate the market and unfortunately the platform did not detect this from the start even though there have been many complaints from the community indicating that Alpha is no longer in order.

With the Rugpull of the ZKJ token, it means that the team cannot do anything, there are still allegations that their team is manipulating the market, but we never know how this accusation happened because the team usually does not want to be blamed.

[DeathAngel]

Nobody should be surprised to see lesser known, unregulated coins plummet or get rug pulled. Nobody verifies or regulates them, they are a law unto themselves & like somebody said earlier in the thread, there is very little difference between malicious & incompetent devs. If you have to invest in projects like this then only do so with a small % of your funds.

[TastyChillySauce00]

I think in this case, certain whales just supplying LP and manipulates the price.

I still remember the first time ZKJ was listed on binance alpha, it was pretty normal day then people find out that ZKJ has low slippage and then they keep using it, certain groups might see opportunity from fees generated and supply it massively.
However, what's not normal is the price, it just climbs out of the blue to really high. Should be a red flag for most of people, in binance alpha I just trade solana memes.

[JeffBrad12]

That's what happens when the volume isn't organic. Like what mentioned above, an entity rugged the market and came out unscathed.
The binance alpha was gamed so hard the market literally feels like being manipulated, you'd see billions of volume coming from people gaming the event with multiple phones.

Usually such things tend to collapse at some point . Imho, with the presence of binance alpha, binance just doesn't stop sponsoring shitcoin, missed the day when CZ was the CEO .

[FinneysTrueVision]

There have been several irregularities with Binance Alpha. Many new tokens are desperate for attention that they end up giving Binance millions of tokens and it always leads to massive selloffs. Despite the detrimental effects, many teams feel pressured to give away so many tokens because they believe it will help them get listed on the main Binance exchange.

[TastyChillySauce00]

There have been several irregularities with Binance Alpha. Many new tokens are desperate for attention that they end up giving Binance millions of tokens and it always leads to massive selloffs. Despite the detrimental effects, many teams feel pressured to give away so many tokens because they believe it will help them get listed on the main Binance exchange.

As a binance alpha user myself, unfortunately most of them just go straight to making new all time low.

Yet despite all that, some project just so hell bent on getting listed on binance alpha for some reason, it's not even a CEX where they got listed to begin with, just wrapper for jupiter, and other solana DEX.
Crazy how some project are so desperate they doomed their own project with massive selling pressure.

[Akbarkoe]

There have been several irregularities with Binance Alpha. Many new tokens are desperate for attention that they end up giving Binance millions of tokens and it always leads to massive selloffs. Despite the detrimental effects, many teams feel pressured to give away so many tokens because they believe it will help them get listed on the main Binance exchange.

As a binance alpha user myself, unfortunately most of them just go straight to making new all time low.

Yet despite all that, some project just so hell bent on getting listed on binance alpha for some reason, it's not even a CEX where they got listed to begin with, just wrapper for jupiter, and other solana DEX.
Crazy how some project are so desperate they doomed their own project with massive selling pressure.

Binance uses its power, building this alpha project does not guarantee that it will run smoothly and be included in the binance market, we must realize that, it only increases the possibility.

Expensive costs are not an option, not a few when entering binance there are many dumps that are done, and developers do not need to be pressured by Binance's requirements, it is very regrettable if they have to give a large amount even the development team itself does not get it.

For example, Hype is not registered with Binance but they build their project seriously and it is proven that they prioritize the community, they get a very high trading volume, even though they haven't known it running.

[Mahanton]

Just saw the news that Polyhedra’s native token ZKJ fell by 83% yesterday wiping out appr. $500 million from the company’s market value. The coin ZKJ plummeted from $2 to $0.3 in few hours. According to the company, this sudden collapse was as a result of “abnormal on-chain transactions”. This is wild because ZKJ established as one of the less volatile tokens in the market.

The crypto market keeps getting more unpredictable with projects tokens, just two months ago Mantra’s native token OM also crashed by 90% allegedly wiping out over $10 billion in market cap. This rugpull incidents need to stop at this point, you can imagine the state in which the victims of the rugpull would be now.

In their defense, they said it resulted from large liquidity withdrawals as the issue began when the KOGE pool ran out of USDT leading to a massive sell-off of KOGE to ZKJ which resulted in the token crash. Do you think this is the case or it was the intentional attempt of the project’s team ? And i hope there’s no victim of this rugpull on the forum ?

Really hard to say if we do speak about these kind of exploits on which these projects been that saying then we dont know if it is really truly and exploit or just that simply redirecting on what they've been trying out to do on which it is just that a real intent for them to have that rug pull. We do know that we cant just that fully trust up any project out there. It might be able to hit up new all time highs or huge spike in price but suddenly its price would be kissing into the floor just because of that reason whether it could neither be that some blockchain based or related issues or with those exploits or hacking incident or whatever their fingers been pointing out. Although, there are some projects which are truly been hacked and there are those devs that trying out to recover or trying out to resolve the issue but we do know that once that funds been exploited out or there's a massive sell off, then it would be that already that too hard to make out such recovery and this is the sole reason on why it do ends up on not to be able to recover in the end.

As a binance alpha user myself, unfortunately most of them just go straight to making new all time low.

Yet despite all that, some project just so hell bent on getting listed on binance alpha for some reason, it's not even a CEX where they got listed to begin with, just wrapper for jupiter, and other solana DEX.
Crazy how some project are so desperate they doomed their own project with massive selling pressure.

We do know that Binance is the end game exchange for all projects out there. They are trying all their best just to get listed and if this one is the way for them to be considered then they would be that doing it.
The main dumper is not the investor nor those the community but rather it is on Binance itself. We should accept that they are that too greedy and once they do get those huge % of token then the main job on here is that they would be just that simply dumping those for easy money. Rinse and repeat since there are tons of projects that would be doing the same thing then this is where real business do happen and thats really an advantage for Binance but not for those project owners. Totally feel sorry for those project owners and to those investors who had been that having high hopes for the project. Usually it is that hard to recover on the moment that it would be kissing into the floor.

[gunhell16]

Is that kind of thing new in the crypto field that we are in? Of course, it is not new to our eyes, we already know and are aware of such things. That is why we still need to be extra careful if we buy other crypto assets.

It is still different when we do research properly or correctly so that we do not end up in such situations or if we do buy, we must still be prepared for the risk consequences that we may face in a scenario like that.

[Josefjix]

I was just thinking if the days of DeFi hacks are over because that was another negative incidence that got many holders reck in their portfolio. Now this ZKJ token had follow the system, this is not the end though because more crashes gon happen in the future.

I could remember the Luna crash that happens few years ago where investors reck from millions dollars worth assets to $2 worth of assets, that was the worst news that had ever happened in the space though.

[TastyChillySauce00]

For example, Hype is not registered with Binance but they build their project seriously and it is proven that they prioritize the community, they get a very high trading volume, even though they haven't known it running.

Hype is a proof that if the project is genuinely good, it will get big FDV and massive volume regardless even if it's not listed in binance.

However, most project don't even confident in their own project and always trying to ride the binance hype train.
They know their project aren't that good so they settle with giving big allocation for alpha and call it a day, at the very least that's what I can feel from all these desperate projects.

[Cryptoddler]

Another typical pump n dump scam token like Manta token. ZKJ was notorious from the beginning that they did not really care about the community.

Their airdrop was crticized by the community members and no one really supported the project ever since.

Seems like trusing in Altcoins becoming a really fool for the investors.

[Dunamisx]

Just saw the news that Polyhedra’s native token ZKJ fell by 83% yesterday wiping out appr. $500 million from the company’s market value. The coin ZKJ plummeted from $2 to $0.3 in few hours. According to the company, this sudden collapse was as a result of “abnormal on-chain transactions”. This is wild because ZKJ established as one of the less volatile tokens in the market.

This is what the whales were known for in their majority, pumping and dumping and if you're investing, don't take too long before you opt out of the market before this kind of rug pull gets you while still investing, if you don't have the strong ability of taking risk, take a serious precaution against investing on anyone of them, we should always do our own research before investing on any coin or token.

[gunhell16]

Just saw the news that Polyhedra’s native token ZKJ fell by 83% yesterday wiping out appr. $500 million from the company’s market value. The coin ZKJ plummeted from $2 to $0.3 in few hours. According to the company, this sudden collapse was as a result of “abnormal on-chain transactions”. This is wild because ZKJ established as one of the less volatile tokens in the market.

This is what the whales were known for in their majority, pumping and dumping and if you're investing, don't take too long before you opt out of the market before this kind of rug pull gets you while still investing, if you don't have the strong ability of taking risk, take a serious precaution against investing on anyone of them, we should always do our own research before investing on any coin or token.

So when it comes to these situations we can see who is the most benefiting of the coins are the wahles nvestors, and those who are just like my investors are for sure I'm one of the most affected by selling the big amount of whales really.

They always have the advantage, just as it is from 3 $ now at around 0.3 $, so the other investors are just a whale who has just known or seen they are likely to buy it because even if they just have at least 1.5 $ they will not lose. Though it still has to deal with its possible risk in a short period of time

[Akbarkoe]

For example, Hype is not registered with Binance but they build their project seriously and it is proven that they prioritize the community, they get a very high trading volume, even though they haven't known it running.

Hype is a proof that if the project is genuinely good, it will get big FDV and massive volume regardless even if it's not listed in binance.

However, most project don't even confident in their own project and always trying to ride the binance hype train.
They know their project aren't that good so they settle with giving big allocation for alpha and call it a day, at the very least that's what I can feel from all these desperate projects.

If that is the basis of logic then it can be interpreted that when a project enters Binance what does it mean that they are not confident in their own project, and that means that the project is a scam? is that what you mean?, because if the developer is confident enough that their project will bring change and will be useful for many people they will not do it like that?.
let's draw a red thread of what you said.

Another typical pump n dump scam token like Manta token. ZKJ was notorious from the beginning that they did not really care about the community.

Their airdrop was crticized by the community members and no one really supported the project ever since.

Seems like trusing in Altcoins becoming a really fool for the investors.

They are not a pump and dump event, but what they offer is useless, the community does not like it, for Manta itself, the concept is actually good but the team behind it is very bad, as an additional note for you, look at the team behind it and don't trust them anymore when building a new project

[Dr.Bitcoin_Strange]

Do you think this is the case or it was the intentional attempt of the project’s team ? And i hope there’s no victim of this rugpull on the forum ?

Incompetency has actually caused some projects to fail too, not that the teams wanted their project to fail but they lacked the proper management skill to keep the project running. If this project actually planned this, you can not know too because they could cover up tracks. The best thing investor can do is to accept their lose and learn from it, altcoins are not long term investment like Bitcoin, if you are holding altcoins, always be attentive with recent happening of the project because in this case, some investors would not be aware of this, they could just check their wallet to see they have been liquidated.

[nelson4lov]

I try to stay away from heavily manipulated tokens like ZKJ. A few days and weeks before it's eventual crash, there were talks on Crypto Twitter that the liquidity on that token was heavily manipulated by malicious traders that wanted to keep the price as stable as possible. That's why ZKJ wasn't dumping much or pumping much during the entire period and something like that is not natural in the markets and will inevitably collapse and it did.