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
@FlameDegen
@Headlesscrypto
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