Analysis: The steep drop in BR may be due to non-project-related factors, as no unusual activity has been observed in the mainstream liquidity address.

On July 9th, on-chain analyst Ai Yi (@ai_9684xtpa) stated that this BR sell-off does not seem to be the behavior of the project team. Firstly, in terms of motivation - with the precedent of the ZKJ crash, such an obvious move is too "bold". This large-volume wash trading personally appears to be more related to a previous contract/spot. Secondly, in terms of data - the main liquidity address of the project team still holds $4.685 million in liquidity, with the last operation on July 7th, and there was indeed no activity during the crash. The three main sell-off addresses in the million-dollar range are all newly created addresses from two weeks ago. After withdrawing funds from the exchange between June 24th and 28th, they immediately started large-scale BR positions, with a clear intention and a single source of funds. The address 0x58 from the TOP4 sell-off addresses has relatively more information. The source of funds can be traced back to as early as 2017, with interactions with established exchanges such as Yunbi, Chinabi, Liqui, and YoBit. The methods are no different from the last ZKJ crash - "instant removal of liquidity + large-scale sell-off + multi-address cooperation", but it is still quite challenging to investigate.