Binance has issued an emergency announcement about the sharp and sudden price fluctuations of ZKJ and Koge tokens, which attributes the incident to the liquidity withdrawal coordinated by Token Whale and chain clearing across multiple exchanges.
“We immediately noticed that the price of ZKJ and Koge is volatile. According to preliminary investigation, this is caused by the massive token whales withdrawing liquidity from multiple exchanges and mental retardations, as well as a series of cascading liquidity clearances,” Binance said in an official statement released today.
The transaction disruption has caused significant concerns among the Binance Alpha user base, many of whom have participated in large-scale transactions to accumulate alpha points, a major indicator for early access token releases, AIRDROPS, AIRDROPS and exclusive listings.
In response to unstable activities, Binance will modify its Alpha Point Rules to mitigate the impact of manipulating trading patterns and systemic risks. Since the CST on June 17, 2025, the binary will no longer calculate the α-to-α token pair in the α point accumulation. The move is intended to detrimental to low-liquid trading activities and ensure that more reliable trading behavior is rewarded.
Source: TradingView
Alpha user hit
This change is expected to seriously affect users who develop strategies around Alpha token pairs, which previously allowed the rapid accumulation of alpha points through circular transactions between niche tokens on a bicycle. Now, many such traders are now facing not only the losses from ZKJ and Koge Price, but also the fundamental shift in how they are rewarded on the platform.
Market observers pointed out that the Alpha Points rankings were re-sold after the announcement, as the ranking of users relying on the Alpha Intrpha token volume declined.
The sudden nature of the change has caused strong opposition from social media. Some users believe the update will work with malicious actors to punish legitimate users and question Binance’s timing and transparency when managing the Alpha system.
However, others believe the move is necessary, given the exploitative nature of the Alpha Pair Wash deal leans towards the value of the Alpha point and has the potential to harm future LaunchPad Integnity.
