More details are emerging around the $KOGE dump â and itâs looking more like an inside job.đ§”
Over $12M was offloaded via V3/V4 single-sided LP by address 0xb265, sparking the crash of both $KOGE and $ZKJ.
Letâs break it down đ
#KOGE #ZKJ #BNBChain
Donât forget to follow @GrannyCatMeme and repost the first tweet.
Credit to @Loki_Zeng for the original insights
1. It started with a quiet transfer:
đ On June 10, 0xb265 received $15M worth of $KOGE from a labeled treasury address â48Clubâ
đ He then added all of it as single-sided LP on Pancake V3/V4
đ Over the next week, he pulled ~$12.6M in USDT from the LP â 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 â kicking off the dual-token meltdown.
But who is 0xb265? đ§
Turns out, heâs not just a trader
3. 0xb265 is:
đč One of the earliest $KOGE holders post-TGE
đč A known whale
đč A signer on the 48Club multi-sig (0xFD66...) which still holds 1M $KOGE (20% of supply)
đč Likely the pseudonymous council member "Orca" â based on 48er NFTs and BNB48 club ties
4. Chain evidence points to the 48Club DAO structure:
đ§Ÿ Orca was added to the multi-sig in April 2022 â after the original 2020 whitepaper was published
đŻ He wasnât 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?
đč 2020: Bought 135K $KOGE with 10K BNB (~$240K at the time)
đč 2021â2022: Gradually accumulated more via DEX and staking
đč May 2025: Received 100K via and staked more
At peak, he held over 10% of total supply.
6. Then, 8 days ago, Orca:
đ€ Unstaked 515K $KOGE from contract
â Added as single-sided liquidity
đ° Passively sold into USDT via LP extraction â netting ~$12M+
Some speculated this was a treasury sell, but the on-chain trail shows it was a personal move
7. Now hereâs where it gets shady:
đł Orca initiated 14 DAO proposals
đȘ© Proposal #5 passed with 0 discussion, just 62.3K votes â half came from Orca & the suspected Ian wallet
đ„ Orca was rewarded 52.8 $KOGE for it
Looks like governance farming, or worse
8. Who else is on the multi-sig?
đč 0x0f13 â suspected to be @48ClubMars (Roostoo cofounder)
đč 0xf01E â @Dominator088 (Celer core dev, 48Club advisor)
đč 0xda4E â Likely âIanâ, a 48Club founder
đč 0x86e8 â unknown
Only 0xb265 (Orca) was involved in the mass sell.
9. Orca isnât some outsider â heâs deeply connected to 48Club governance, likely the biggest $KOGE buyer post-IDO, and still a multi-sig signer.
đ While other members didnât sell, they clearly knew who he was.
The dump may be solo â 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
@FlameDegen
@Headlesscrypto
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