🧿FN Depth | Mid-2025 Collection: Who is the "Landslide" That Caused You Huge Losses?

Halfway through 2025, Bitcoin has experienced a V-shaped trend of 100,000 - 70,000 - 110,000, and how many of the "landslides" formed by the big negative lines in the crypto space during this period did you avoid?

📌👻 Milei's Inerasable Stain: Libra

Meme is the main theme of the crypto world in 24-25. Looking back, two presidents have exerted a historic influence on this Meme flow feast.

The first is U.S. President Trump, whose $TRUMP, issued under his name in January, soared to a market cap of nearly $800 billion in two days. Many leaders in the Chinese-speaking world became legends in one battle, achieving A8 with a single coin, which is the most undisputed "big opportunity" in 25 so far.

The second candidate for the "Most Influential Person in the Crypto Space in 2025" is Argentine President Milei. On February 14, Milei publicly supported LIBRA, a token initially promoted on X as a tool to support small businesses and Argentine startup projects. Because of Trump's successful token issuance, Milei's LIBRA soared to a market cap of 4.24 billion in half an hour. However, as more insider addresses revealed huge profit information and Milei denied any association with the token, the LIBRA price crashed to $0.2 美元 in a short period, becoming the first major "landslide" in the crypto space since the new year.

According to on-chain data, a total of 75,000 users were affected by the $LIBRA flash crash, with a total loss of approximately $286.00 million. The number of losses exceeded 86% of the total number of traders, making it arguably the largest on-chain fraud event in 25.

📌👻 Ruthless "Delisted Coin": $ACT

At 18:30 on the evening of April 1, 2025, the flash crash of low market cap tokens such as $ACT collectively halving in half an hour can be described as an April Fool's Day horror. Among them, $ACT, which once hit the $1.00 billion market cap mark in 24 due to the popularity of AI Agent, fell from $0.1899 to $0.0836 in 36 minutes, a drop of more than 55%, which is staggering.

After the plunge, most users pointed the finger at Binance exchange, believing that the exchange lowered the position limit, which triggered a forced liquidation and further triggered panic selling. In addition, the community also questioned that Wintermute, which was previously suspected of being an $ACT market maker, sold a large number of Meme tokens at the same time, which also seemed to have led to the plunge.

So far, $ACT has basically declared a chronic death. Perhaps there were no evildoers like Libra in this flash crash, but retail investors still became victims of a "coincidental" mistake by the rule makers.

📌👻 VC Coin Zeroing Tragedy: $OM

"Rising tokens are always similar, but plummeting tokens have their own misfortunes."

On April 14, 2025, MANTRA ($OM) evaporated $5.50 billion in market cap in 15 minutes in the middle of the night, plummeting more than 90%, directly falling from the top 25 in crypto currency market cap to outside the top 90, which can definitely be regarded as the "most tragic" in the crypto space.

Prior to this, from October 2023 to February 2025, $OM violently rose from $0.017 to $9.17, an increase of nearly 540 times, and was once regarded as a clearly marked strong Zhuang coin.

📌👻 Binance Alpha's New Scythe: $ZKJ, KOGE

When mentioning the crypto space in 2025, the innovation of Binance Alpha is definitely a topic that cannot be avoided. However, the flash crashes of $ZKJ and $KOGE in Binance Alpha poured cold water on the enthusiasm for the whole people to compete for Alpha trading volume.

At 20:30 on the evening of June 15, Polyhedra Network's native token $ZKJ plummeted more than 85% in two hours, with the price crashing from $2.00 to $0.29, evaporating nearly $500.00 million in market cap. The governance token KOGE of 48 Club DAO fell from $61.00 to $8.46 in half an hour.

Coinglass data shows that during the period from 20:00 to 22:00 that night alone, the total liquidation amount on the entire network reached $102.00 million, and $ZKJ alone contributed $94.34 million in liquidation volume, with long orders liquidated as high as $93.69 million, completely harvesting contract liquidity.

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