On June 17, the ZKJ team released a preliminary report on the collapse in token prices, providing a preliminary analysis of the price collapse of ZKJ tokens by more than 80% on June 15. The main immediate triggers include: massive token injections caused by a coordinated on-chain liquidity attack, large transfers by Wintermute to centralized trading platforms, and chain clearing on these trading platforms. Preliminary investigations showed that the large number of token transfers initiated by Wintermute occurred simultaneously with extreme market fluctuations, and at the same time, the ZKJ/KOGE pool on PancakeSwap also experienced a concentrated withdrawal of liquidity. The details are as follows: 1. Coordinated liquidity attacks and selling behavior on PancakeSwap; 2. Binance Alpha incentive structure and liquidity vulnerability; 3. Liquidity provision by ZKJ on PancakeSwap; 4. Derivatives chain clearing on centralized trading platforms; 5. Wintermute's large CEX deposits during the crash.