More details are emerging around the $KOGE dump — and it’s looking more like an inside job.🧵
Over $12M was offloaded via V3/V4 single-sided LP by address 0xb265, sparking the crash of both $KOGE and $ZKJ.
Let’s break it down 👇
#KOGE #ZKJ #BNBChain
Don’t forget to follow @GrannyCatMeme and repost the first tweet.
Credit to @Loki_Zeng for the original insights
1. It started with a quiet transfer:
📌 On June 10, 0xb265 received $15M worth of $KOGE from a labeled treasury address “48Club”
📌 He then added all of it as single-sided LP on Pancake V3/V4
📌 Over the next week, he pulled ~$12.6M in USDT from the LP — effectively a passive sell.
2. Once the USDT was pulled, panic selling began.
Users who had bought $KOGE during this time (essentially exit liquidity) started dumping via the $ZKJ pair — kicking off the dual-token meltdown.
But who is 0xb265? 🧐
Turns out, he’s not just a trader
3. 0xb265 is:
🔹 One of the earliest $KOGE holders post-TGE
🔹 A known whale
🔹 A signer on the 48Club multi-sig (0xFD66...) which still holds 1M $KOGE (20% of supply)
🔹 Likely the pseudonymous council member "Orca" — based on 48er NFTs and BNB48 club ties
4. Chain evidence points to the 48Club DAO structure:
🧾 Orca was added to the multi-sig in April 2022 — after the original 2020 whitepaper was published
🎯 He wasn’t part of the founding team, but likely joined post-TGE due to his massive $KOGE position.
5. So how did Orca accumulate so much $KOGE?
🔹 2020: Bought 135K $KOGE with 10K BNB (~$240K at the time)
🔹 2021–2022: Gradually accumulated more via DEX and staking
🔹 May 2025: Received 100K via and staked more
At peak, he held over 10% of total supply.
6. Then, 8 days ago, Orca:
📤 Unstaked 515K $KOGE from contract
➕ Added as single-sided liquidity
💰 Passively sold into USDT via LP extraction — netting ~$12M+
Some speculated this was a treasury sell, but the on-chain trail shows it was a personal move
7. Now here’s where it gets shady:
🗳 Orca initiated 14 DAO proposals
🪩 Proposal #5 passed with 0 discussion, just 62.3K votes — half came from Orca & the suspected Ian wallet
🥇 Orca was rewarded 52.8 $KOGE for it
Looks like governance farming, or worse
8. Who else is on the multi-sig?
🔹 0x0f13 – suspected to be @48ClubMars (Roostoo cofounder)
🔹 0xf01E – @Dominator088 (Celer core dev, 48Club advisor)
🔹 0xda4E – Likely “Ian”, a 48Club founder
🔹 0x86e8 – unknown
Only 0xb265 (Orca) was involved in the mass sell.
9. Orca isn’t some outsider — he’s deeply connected to 48Club governance, likely the biggest $KOGE buyer post-IDO, and still a multi-sig signer.
🎭 While other members didn’t sell, they clearly knew who he was.
The dump may be solo — but not isolated
10. Key question remains:
Who exactly is Orca?
And why did a council member with deep ties and massive holdings choose this passive-exit strategy now?
Was this planned? Opportunistic? Or just misaligned incentives?
The community deserves answers.
For the latest updates, follow:
@SCryptx_
@PsyChlorophyll
@BloodChainSage
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@Headlesscrypto
27.76 ألف
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المحتوى الوارد في هذه الصفحة مُقدَّم من أطراف ثالثة. وما لم يُذكَر خلاف ذلك، فإن OKX ليست مُؤلِّفة المقالة (المقالات) المذكورة ولا تُطالِب بأي حقوق نشر وتأليف للمواد. المحتوى مٌقدَّم لأغراض إعلامية ولا يُمثِّل آراء OKX، وليس الغرض منه أن يكون تأييدًا من أي نوع، ولا يجب اعتباره مشورة استثمارية أو التماسًا لشراء الأصول الرقمية أو بيعها. إلى الحد الذي يُستخدَم فيه الذكاء الاصطناعي التوليدي لتقديم مُلخصَّات أو معلومات أخرى، قد يكون هذا المحتوى الناتج عن الذكاء الاصطناعي غير دقيق أو غير مُتسِق. من فضلك اقرأ المقالة ذات الصِلة بهذا الشأن لمزيدٍ من التفاصيل والمعلومات. OKX ليست مسؤولة عن المحتوى الوارد في مواقع الأطراف الثالثة. والاحتفاظ بالأصول الرقمية، بما في ذلك العملات المستقرة ورموز NFT، فيه درجة عالية من المخاطر وهو عُرضة للتقلُّب الشديد. وعليك التفكير جيِّدًا فيما إذا كان تداوُل الأصول الرقمية أو الاحتفاظ بها مناسبًا لك في ظل ظروفك المالية.