The recent ZKJ and KOGE flash crash—where two Binance Alpha-listed tokens plummeted by 80% in hours—has exposed deep flaws in the exchange’s incentive-driven ecosystem. While retail traders lost millions, the key players—project teams, whales, and Binance itself—have all deflected responsibility. Here’s a breakdown of what went wrong, who’s to blame, and why this signals a broader crisis in crypto market structures.1. What Happened? A Perfect Storm of ManipulationThe Setup: Binance Alpha, a p...

The recent ZKJ and KOGE flash crash—where two Binance Alpha-listed tokens plummeted by 80% in hours—has exposed deep flaws in the exchange’s incentive-driven ecosystem. While retail traders lost millions, the key players—project teams, whales, and Binance itself—have all deflected responsibility. Here’s a breakdown of what went wrong, who’s to blame, and why this signals a broader crisis in crypto market structures.1. What Happened? A Perfect Storm of ManipulationThe Setup: Binance Alpha, a p...