Crypto Morning Brief: ZKJ and KOGE plunge, large token unlocks coming this week for FTN, ARB, S and others
TechFlow Selected TechFlow Selected
Crypto Morning Brief: ZKJ and KOGE plunge, large token unlocks coming this week for FTN, ARB, S and others
Vietnam passes the Digital Technology Industry Law, officially recognizing the legitimacy of crypto assets.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Trump: Israel and Iran "very likely" to reach a deal
According to Jinshi Data, on June 15 local time, U.S. President Trump stated before departing for Canada to attend the G7 summit that he believes there is a "very high possibility" of an agreement between Israel and Iran, though he also remarked, "Sometimes they need to fight a war." "I hope a deal can be reached; I think it's time for one—but we'll see," Trump said. "But sometimes they must have a fight." He added, "I believe the chances of reaching an agreement are very good." Trump also claimed the U.S. is "getting along very well" with Iran and said, "I think Israel and Iran also deeply respect each other." However, when asked whether he had urged Israel to halt airstrikes against Iran, Trump declined to respond directly, merely stating, "I don't want to talk about that." This comment—suggesting they "have a fight"—echoes his earlier rhetoric on the Russia-Ukraine war, where he compared the conflict to "two kids fighting in a park," suggesting it could be more effective to let them "fight for a while before stepping in."
Trump Organization: To release major announcement at 8:00 AM ET on June 16
The Trump Organization announced on its official X platform that it will issue a major announcement at 8:00 AM Eastern Time on June 16 at Trump Tower in New York.
Eric Trump, the younger son of Donald Trump, currently serves as Executive Vice President of the Trump Organization and is one of the decision-makers behind the family’s crypto venture, World Liberty Financial. Previously, the Trump Organization filed a trademark application for “TRUMP” to launch a metaverse and NFT trading platform.
White House rejects conflict-of-interest provisions on cryptocurrency in CLARITY Act
According to Unchained, during critical negotiations on Tuesday evening, the White House rejected a bipartisan proposal from Republican and Democratic lawmakers to include conflict-of-interest restrictions in the CLARITY Act. The proposed provision aimed to restrict senior political figures—including the president, vice president, members of Congress, and their families—from participating in cryptocurrency businesses during their term in office.
Democrats sought the clause to prevent President Trump from profiting via cryptocurrencies, while Republicans attempted to avoid framing the measure as a direct criticism of Trump. As of now, no consensus has been reached, and the White House is working with Republicans to draft an alternative proposal.
Vietnam passes Digital Technology Industry Law, officially recognizing crypto assets
According to Cointelegraph, Vietnam's National Assembly approved the Digital Technology Industry Law on June 14, bringing digital assets under regulatory oversight. Local media reports indicate the law not only legitimizes crypto assets but also paves the way for broader digital innovation nationwide.
The law will take effect on January 1, 2026, and classifies digital assets into two categories: virtual assets and crypto assets. It also provides incentives such as tax breaks, land-use benefits, and R&D support for enterprises in artificial intelligence, semiconductors, and digital infrastructure. The Vietnamese government claims this makes Vietnam the first country globally to establish a standalone legal framework specifically for the digital technology industry.
Binance: Trading volume between Alpha tokens will no longer count toward Alpha Points calculation
Binance officially announced that due to significant price volatility in ZKJ and KOGE tokens, preliminary investigations suggest this was caused by large holders withdrawing on-chain liquidity and triggering a chain reaction of market liquidations. To maintain market fairness and stability and reduce centralization risks, Binance will adjust the Alpha Points calculation methodology starting June 17, 2025, at 00:00 UTC. From that point onward, trading volume between Alpha token pairs will no longer be included in Alpha Points calculations.
In addition, changes to the Alpha airdrop rules: Starting June 19, the airdrop will be distributed in two phases, with the threshold for the second phase lowered.
Analyst: Tonight’s ZKJ and KOGE flash crash may be a premeditated harvest attack
Chain analyst Ai Auntie (@ai_9684xtpa) analyzed that tonight’s sharp crash of ZKJ and KOGE may have been a planned harvesting operation. Three primary addresses targeted the massive trading volume and liquidity generated by the two tokens’ mutual swapping within the Binance Alpha ecosystem, using a dual strategy of “large-scale liquidity withdrawal + continuous selling,” leading to the sequential collapse of both ZKJ and KOGE without exception.
1. Address 0x1A2...27599
Withdrew bilateral liquidity of 61,130 KOGE (approx. $3.76M) and 273,017 ZKJ (approx. $532K) at 20:28:21 and 20:33:15 respectively.
From 20:28:58 to 20:36:57, exchanged 45,470 KOGE worth $3.796M into ZKJ, during which KOGE’s on-chain trading volume showed clear growth.
From 20:30:57 to 20:59:49, sold off 1.573 million ZKJ in batches for USDT and BNB, valued at $3.052M, at an average price of $1.94.
At this stage, both KOGE and ZKJ saw slight stepwise declines, but no major crash yet.
2. Address 0x078...8bdE7
Withdrew 33,651 KOGE (approx. $2.07M) and 709,203 ZKJ (approx. $1.38M) in bilateral liquidity at 20:30:33.
From 20:31:10 to 20:58:18, converted 36,814 KOGE worth $2.26M into ZKJ.
From 20:35:15 to 20:37:34, dumped 1 million ZKJ worth $1.948M at an average price of $1.948.
This address’s “relay-style dump” finally triggered a rapid decline in KOGE’s price—the series of consecutive long red candles visible on the chart.
3. Address 0x6aD...e2EBb
Received 772,759 ZKJ (worth $1.5M) transferred from address 0x078...8bdE7 (the previous dumping address) at 20:41:55.
From 20:42:28 to 20:50:16, fully liquidated 772,000 ZKJ.
The third address mainly played a supporting role, further accelerating ZKJ’s decline after KOGE had already crashed, completing the harvest of both LPs and token holders.
VanEck Digital Assets Head: Small-cap public firms building large crypto reserves may signal scams
According to The Block, a wave of companies—many with low market capitalizations—have recently announced intentions to acquire large amounts of popular altcoins like XRP and Solana. These firms typically come from seemingly unrelated corners of the business world.
Matthew Sigel, VanEck’s Head of Digital Assets, said these so-called initiatives are likely aimed at pumping small-cap stock prices, many of which trade on Nasdaq. “Many are insiders trying to pump and dump,” he said. “If the market cap is negligible and there’s no disclosure of new investors, I consider it a scam.”
ConsenSys Founder: LINEA to launch token first, multiple protocols to issue tokens
Joseph Lubin, founder of ConsenSys, responded to user inquiries about whether MetaMask would issue a token by stating that ConsenSys has established short- and medium-term strategic plans involving protocolization of existing products and multiple new projects. Given that Web3 protocols typically rely on tokens, several protocols will launch tokens in succession. Lubin revealed that LINEA will be the first to issue a token, with future synergies across protocols.
Synthetix proposes shutting down L2 deployment on Base, refocusing on Ethereum mainnet
Decentralized finance platform Synthetix announced it will gradually decommission all Layer-2 deployments on the Base network beginning July 7, 2025, refocusing efforts on the Ethereum mainnet and discontinuing Base trading and LP vaults. The plan will be executed in stages.
Synthetix cited ongoing infrastructure instability and liquidity fragmentation as reasons for phasing out its L2 deployments.
Proposal AIP-596 to dissolve ApeCoin DAO officially enters voting, ends June 26
Garga.eth, co-founder of Yuga Labs, announced on X that proposal AIP-596 to dissolve the ApeCoin DAO has officially entered voting. The proposal aims to advance reforms within the ApeCoin ecosystem and orderly transfer assets and responsibilities to ApeCo, a new entity formed by Yuga Labs. The new team will include Cameron Kates, current Executive Director of the Ape Foundation, other foundation members, and members of the Banana Bill team.
Garga.eth emphasized that this AIP requires substantial voter participation to pass—specifically, 3.5% of all circulating tokens must vote, with a supermajority of 66% approval needed. According to voting data, the poll will end on June 26, with current support at 99.19%.
This week sees major unlocks for FTN, ARB, S, and other tokens
According to Token Unlocks data, this week will see large one-time token unlocks for MRS, FTN, and S, releasing over $100 million in total value:
Metars Genesis (MRS): Unlocks 10 million tokens worth ~$200 million at 8:00 AM on June 21, 0% of circulating supply (data not displayed);
Fasttoken (FTN): Unlocks 20 million tokens worth ~$88.8 million at 8:00 AM on June 18, accounting for 4.65% of circulating supply;
Arbitrum (ARB): Unlocks approximately 92.65 million tokens worth ~$30.2 million at 9:00 PM on June 16, representing 1.91% of circulating supply;
Sonic (S): Unlocks 47.63 million tokens worth ~$15.73 million at 8:00 AM on June 18, 1.65% of circulating supply;
ApeCoin (APE): Unlocks 15.6 million tokens worth ~$10.34 million at 8:30 PM on June 17, 1.95% of circulating supply.
Market Data
Suggested Reading
The trend of public companies buying crypto is now spreading to AI altcoins
This article discusses how public companies allocating capital into altcoins is becoming a growing trend, particularly around AI-related tokens. This behavior is seen as a high-risk, high-reward gamble, with some firms leveraging it for strategic transformation, while simultaneously facing financial pressure, market volatility, and regulatory risks.
Why gambler mentality leads to ruin: Survival rules in non-ergodic systems
This article explores survival principles in non-ergodic systems, analyzing why a gambler’s mindset ultimately results in failure. It introduces the Kelly Criterion as a strategy for optimizing long-term decisions. Using a coin-flipping game simulation, it illustrates how individual long-term outcomes often fall below group averages and outlines key methods to avoid the fate of “going to zero.”
This article examines the current state and future trajectory of the cryptocurrency market, focusing on the overvaluation of altcoins, the potential of tokenized equities, institutional investor entry strategies, and shifts in market liquidity and investment approaches. VanEck portfolio manager Pranav Kanade offers deep insights into future market developments, emphasizing the rise of tokenized equities and the potential applications of stablecoins.
Telegram Gifts surges in popularity—what makes it better than previous NFTs?
This article analyzes the differences between Telegram Gifts and traditional NFTs, highlighting improvements in user experience and their significance. Drawing from personal experience and TON blockchain practices, the author argues for redesigning digital asset content from Telegram’s perspective and shares relevant community tools and resources.
Analyzing RWA tokenized securities and comparing global regulatory landscapes
This article provides a detailed analysis of real-world asset tokenization (RWA), its use cases, and the global regulatory landscape for tokenized securities, covering frameworks in Hong Kong, the U.S., Singapore, and the EU. It also explores implicit challenges facing RWA in practice—such as liquidity, education gaps, and technological coordination—and proposes potential solutions.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
深潮TechFlow
