Note: There was no King-Size Special #1. This appears to be published instead of an annual for 1966. It starts with Odin, as usual, wearing a fabulous hat.
The entire story is that Loki activates Destroyer during the Asgard version of the olympics, and it goes on a rampage through Asgard.
But I thought Loki was turned into a satellite at the end of Journey into Mystery #123, you ask. The issue starts with an explanation.
They are still off and floating. Loki used his “thought powers” to wake up Destroyer.