• ZKJ and KOGE tokens plunged over 50% on June 15 after their liquidity pools were drained, triggering mass panic selling.
• KOGE’s USDT pool was emptied, forcing holders to dump into ZKJ, which then collapsed under the pressure.
• Community outrage grows amid accusations of mismanagement, with a major ZKJ token unlock still looming this week.

Polyhedra Network’s ZKJ token crashed nearly 60% in under an hour on June 15, wiping out over $360 million in market capitalization. 

KOGE, the governance token of 48 Club DAO, also dropped by 50% during the same window, losing more than $100 million in market cap.

ZKJ Faces Major Liquidity Mismanagement

The sharp sell-off began when the KOGE/USDT liquidity pool was depleted, leaving liquidity providers unable to exit. Panic selling followed as investors began converting KOGE into ZKJ.

According to early community reports, the KOGE team failed to add USDT to its liquidity pool. This triggered what some users called a “rug from both sides.”

With no USDT left in the KOGE pool, holders rushed to offload KOGE into the ZKJ pool, which was still actively defended by its team.

However, the rapid influx overwhelmed the ZKJ/USDT pair, causing a domino effect that tanked ZKJ’s price and investor confidence.

Members of the 48 Club DAO, the group behind KOGE, expressed outrage over the incident, accusing the team of negligence and mismanagement.

Get to know Godleak

Godleak crypto signal is a  service which provide profitable crypto and forex signals for trading. Godleak tried to provide you signals of best crypto vip channels in the world.

It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.

Godleak crypto leak service have multiple advantages in comparision with other services:

•  Providing signal of +160 best crypto vip channels in the world
• Using high tech bot to forward signals
• Without even a second of delay
• Joining in +160 separated channels on telegram
• 1 month, 3 months , 6 months and yearly plans
• Also we have trial to test our services before you pay for anything

For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features

Join for Free

☟☟☟☟☟

https://t.me/Godleakbot

Also you can check the list of available vip signal channels in the bot. by pressing Channels button.

Social media was flooded with posts demanding accountability from both projects. The phrase “rugged from both sides” trended within crypto circles.

This incident has severely damaged trust in both ecosystems, with users questioning the sustainability of their liquidity strategies.

Beyond liquidity concerns, market structure added further pressure. A 5.3% ZKJ token unlock, worth $32 million, is scheduled later this week.

With Binance Alpha volume collapsing, analysts warned that bots and whales dominate the order books, exacerbating volatility in both tokens.

ZKJ and KOGE: Tightly Linked Ecosystems

The crash highlights the intertwined nature of ZKJ and KOGE. Both tokens are frequently paired in liquidity pools and used in farming strategies.

While ZKJ powers zkBridge and ZKP infrastructure, KOGE operates as a governance token for 48 Club—a group focused on BNB Chain DeFi.

Recent coordinated farming and arbitrage activity had inflated volumes between the two, making them vulnerable to liquidity shocks.