EDGE token price plunged nearly 50% after edgeX said it was investigating an irregular market move and later denied any hack or exploit.
Decentralized crypto exchange for perpetual futures and spot markets, edgeX, said in a series of X posts its EDGE token suffered an “irregular price movement” and later denied that the protocol had been hacked.
The platform wrote in an X post on Tuesday, June 2, that it had observed “a sudden and irregular price movement” in EDGE and was investigating the cause.
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EdgeX Reacts on EDGE Token Price Drop
In a follow-up statement, edgeX said the protocol “were not compromised in any way,” adding that the move was “not a hack, exploit, or security breach,” and implying that its early findings pointed to “deliberate attempts by certain external party to manipulate the market price of EDGE.”
The team added it’s working with exchanges and platforms to identify the cause.
The statements came after EDGE, the native token of the edgeX trading platform, fell about 45% on the day to $0.64, making it one of CoinGecko’s top losers over the past 24 hours.
ZachXBT, an on-chain investigator known for tracking crypto hacks, criticized edgeX’s explanation:
“We all know edgeX supply was being controlled by a few insiders with a low float,” ZachXBT wrote on X. “If you care about transparency at all you will name the counterparties / MM agreements which lead to these events.”
After edgeX said the protocol wasn’t compromised, ZachXBT sarcastically suggested the team had investigated itself and found no wrongdoing, even though it controls nearly the entire supply. As of press time, edgeX has made no comment on those allegations.
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