Analysis: The Crash of ZKJ and KOGE May Be a "Well-Planned" Rug Pull Operation

BlockBeats News, June 15: According to on-chain analyst Ai Yi (@ai_9684xtpa), the flash crash of ZKJ and KOGE tonight may have been a premeditated "harvesting operation." Three primary addresses exerted dual pressure through "large-scale liquidity withdrawal + continuous dumping," causing ZKJ and KOGE to sequentially crash:

· Address 0x1A2...27599

20:28:21 and 20:33:15: Two liquidity withdrawals of 61,130 KOGE (approximately $3.76 million) and 273,017 ZKJ (approximately $532,000)

20:28:58 - 20:36:57: Swapped 45,470 KOGE for ZKJ, valued at $3.796 million during this period, which saw a noticeable uptick in on-chain trading volume of KOGE

20:30:57 - 20:59:49: Incrementally dumped 1.573 million ZKJ for USDT and BNB, valued at $3.052 million, with an average sell price of $1.94

At this point, both KOGE and ZKJ saw small, staircase-shaped declines but had not yet plummeted.

· Address 0x078...8bdE7

20:30:33: Withdrew 33,651 KOGE (approximately $2.07 million) and 709,203 ZKJ (approximately $1.38 million) in a dual liquidity removal

20:31:10 - 20:58:18: Swapped 36,814 KOGE for ZKJ, valued at $2.26 million

20:35:15 - 20:37:34: Dumped 1 million ZKJ for $1.948 million, with an average sell price of $1.948

This address's "relay-style dump" eventually triggered a rapid price drop in KOGE.

· Address 0x6aD...e2EBb

20:41:55: Received 772,759 ZKJ (valued at $1.5 million) transferred from address 0x078...8bdE7 (the previous dumping address)

20:42:28 - 20:50:16: Completely liquidated 772,000 ZKJ

The third address primarily acted as a collaborator, further catalyzing ZKJ’s downtrend after KOGE’s price had collapsed, ultimately achieving the harvesting of LP providers and token holders for both tokens.

"Finally: The three addresses mentioned here were the primary driving forces, but we've identified additional 'coordinating addresses' at the scale of several hundred thousand dollars. These will not be detailed here, as their dumping methods were similar."