Investigation into Cryptocurrency Downturn
A sudden and dramatic fall in the values of the cryptocurrencies ZKJ and KOGE has led to suspicions that this was not a momentary market fluctuation, but rather a calculated operation designed to reap financial gains at the expense of unsuspecting investors. Reports indicate that a trio of prominent addresses were crucial in executing what appears to be a premeditated strategy that included significant liquidity withdrawals and persistent sell-offs, effectively orchestrating the downfall of both tokens.
Key Addresses and Operations
Among these addresses, the first identified, 0x1A2…27599, made notable liquidity withdrawals at specific times, drawing out a combined 61,130 KOGE (around $3.76 million) and 273,017 ZKJ (about $532,000) just minutes apart. After this, the address completed a swap of 45,470 KOGE for ZKJ, attaining a value of approximately $3.8 million, all while KOGE experienced a substantial spike in its trading volume. Following that, this address entered the market with a series of sell-offs, moving 1.573 million ZKJ—approximately $3.05 million worth—into USDT and BNB. This sequence resulted in minor but consistent price drops for both coins, steering clear of a massive crash initially.
Another key player, 0x078…8bdE7, withdrew 33,651 KOGE (approximately $2.07 million) and 709,203 ZKJ (around $1.38 million) shortly after. This address proceeded to swap 36,814 KOGE for ZKJ, totaling around $2.26 million, and later dumped 1 million ZKJ, having an average price of about $1.95. Its actions sparked a more pronounced drop in KOGE’s price, marking the address as significant in the ongoing downward trend.
The final address, 0x6aD…e2EBb, was involved after receiving a sizable transaction of 772,759 ZKJ valued at $1.5 million from the second address. This entity promptly liquidated this amount, exacerbating ZKJ’s decline post KOGE’s drop, thus concluding the alleged “harvesting operation” targeting both tokens and their liquidity providers.
Conclusion
It’s noteworthy that while the three addresses predominantly shaped the market deterioration, auxiliary addresses also contributed by executing similar dumping actions with transactions worth hundreds of thousands. These supporting addresses enacted strategies akin to the greater scheme but will not be detailed further in this analysis.
