Binance has issued an urgent announcement regarding sharp and sudden price fluctuations in ZKJ and KOGE tokens, attributing the event to coordinated liquidity withdrawals by token whales and cascading on-chain liquidations across multiple exchanges.
In an official statement released today, Binance stated: “We have immediately detected significant price fluctuations in ZKJ and KOGE. According to preliminary investigations, this was caused by large-scale token whales withdrawing liquidity from multiple exchanges and on-chain, as well as a series of cascading liquidations.”
The trading disruption triggered notable concerns across the Binance Alpha user base, many of whom have been participating in high-volume trading to accumulate Alpha Points — a key metric used to qualify for early access to token launches, airdrops, and exclusive listings.
In response to the destabilizing activity, Binance will revise its Alpha Points rules to mitigate the impact of manipulative trading patterns and systemic risk. Effective 08:00 CST on June 17, 2025, Binance will no longer count Alpha-to-Alpha token pair volumes in Alpha Points accumulation. This move is intended to disincentivize low-liquidity trading activity and ensure more reliable trading behavior is rewarded.
Alpha Users Hit Hard
This change is expected to heavily affect users who built strategies around Alpha token pair farming, which previously allowed for rapid accumulation of Alpha Points by cycling trades between niche tokens. Many such traders now face not only losses from the ZKJ and KOGE price collapses but also a fundamental shift in how their activity is rewarded on the platform.
Market watchers noted that the Alpha Points leaderboard saw significant reshuffling following the announcement, as users who relied on intra-Alpha token volume dropped in rankings.
The abrupt nature of the change has already sparked backlash on social media. Some users argue the update punishes legitimate users along with malicious actors, and question Binance’s timing and transparency in managing the Alpha system.
However, others view the move as necessary, given the exploitative nature of Alpha pair wash trading that had skewed the value of Alpha Points and potentially jeopardized future launchpad integrity.
