{"id":97872,"date":"2026-06-02T17:48:28","date_gmt":"2026-06-02T14:48:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=97872"},"modified":"2026-06-02T17:50:23","modified_gmt":"2026-06-02T14:50:23","slug":"edgex-team-attributes-token-plunge-to-external-interference","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/edgex-team-attributes-token-plunge-to-external-interference\/","title":{"rendered":"edgeX Team Attributes Token Plunge to External Interference"},"content":{"rendered":"<p>Representatives of the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-decentralised-exchange-dex\">decentralized exchange<\/a> edgeX attributed the approximately 67% drop in the native token EDGE&#8217;s value to &#8220;deliberate actions by an external party.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We all know edgeX supply was being controlled by a few insiders with a low float. <\/p>\n<p>If you care about transparency at all you will name the counterparties \/ MM agreements which lead to these events. <a href=\"https:\/\/t.co\/qn2LvNPg2H\">pic.twitter.com\/qn2LvNPg2H<\/a><\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a href=\"https:\/\/x.com\/zachxbt\/status\/2061627813028110362?ref_src=twsrc%5Etfw\">June 2, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, on-chain detective ZachXBT questioned the project&#8217;s explanation, pointing to potential insider manipulation. He urged the team to disclose details of agreements with <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-market-maker\">market makers<\/a> and counterparties whose actions might have triggered the dump.<\/p>\n<p>On June 2, edgeX recorded a &#8220;sudden and irregular&#8221; price movement of the asset and initiated an investigation. According to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/edgex\">CoinGecko<\/a>, the EDGE price plummeted from $1.21 to $0.4 within a day. At the time of writing, the token is valued at $0.6576.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-33060c8d824b2f83-6012788074622880.webp\" alt=\"EDGEUSDT_2026-06-02_16-53-20\" class=\"wp-image-280937\"\/><figcaption class=\"wp-element-caption\">Hourly chart of EDGE\/USDT on OKX exchange. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=OKX%3AEDGEUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Project representatives emphasized that the protocol was not hacked. They blamed external participants for the incident, describing it as a &#8220;market integrity&#8221; issue.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We want to share an update on the irregular EDGE price movement and address any concerns about platform security directly.<\/p>\n<p>The edgeX protocol were not compromised in any way. This was not a hack, exploit, or security breach.<\/p>\n<p>What we have identified so far suggests deliberate\u2026 <a href=\"https:\/\/t.co\/BV4rTz7aa8\">https:\/\/t.co\/BV4rTz7aa8<\/a><\/p>\n<p>\u2014 edgeX\ud83e\uddad (@edgeX_exchange) <a href=\"https:\/\/x.com\/edgeX_exchange\/status\/2061619684320154002?ref_src=twsrc%5Etfw\">June 2, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The team promised to publish a detailed report after completing work with exchanges to identify those responsible.<\/p>\n<p>Developers also clarified that the address of the perpetrator is an official smart contract of the spot platform used solely for user deposits and withdrawals.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The address: 0x7f861a7db997b4f6e5ef9954a3b5d5b29c463cb2 (<a href=\"https:\/\/t.co\/aj00QsSwyR\">https:\/\/t.co\/aj00QsSwyR<\/a>) is an official edgeX spot smart contract address used solely for user deposits and withdrawals on edgeX protocol. <a href=\"https:\/\/t.co\/BV4rTz7aa8\">https:\/\/t.co\/BV4rTz7aa8<\/a><\/p>\n<p>\u2014 edgeX\ud83e\uddad (@edgeX_exchange) <a href=\"https:\/\/x.com\/edgeX_exchange\/status\/2061607747439964533?ref_src=twsrc%5Etfw\">June 2, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>ZachXBT criticized edgeX&#8217;s stance. According to him, the EDGE supply was controlled by a narrow group of insiders with an extremely low token float.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">\u201cWe investigated ourselves and did not find ourselves guilty even though we control nearly the entire supply\u201d <a href=\"https:\/\/t.co\/78l9tT01WT\">pic.twitter.com\/78l9tT01WT<\/a><\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a href=\"https:\/\/x.com\/zachxbt\/status\/2061649854150091089?ref_src=twsrc%5Etfw\">June 2, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWe investigated ourselves and did not find ourselves guilty even though we control nearly the entire supply,\u201d the researcher commented sarcastically.<\/em><\/p>\n<\/blockquote>\n<p>The EDGE issuance is 1 billion tokens. Currently, 350 million coins (~35%) are in circulation. The distribution allocates 30% to early users, 25% to the core team, and 30% to the fund reserve.<\/p>\n<p>edgeX ranks 17th among DEXs by daily trading volume, with a <span data-descr=\"total value locked\" class=\"old_tooltip\">TVL<\/span> of $134.54 million.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-6785cac68ae96ad7-6012885058195634.webp\" alt=\"Screenshot 2026-06-02 170909\" class=\"wp-image-280938\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/defillama.com\/protocol\/edgex?tvl=false&#038;events=false&#038;dexVolume=true\">DefiLlama<\/a>.<\/figcaption><\/figure>\n<p>Back in May, the SUPERFORTUNE project team <a href=\"https:\/\/forklog.com\/en\/news\/hacker-seizes-15-million-gua-airdrop\">reported<\/a> a security incident in which an attacker withdrew about $15 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Representatives of the decentralized exchange edgeX attributed the approximately 67% drop in the native token EDGE&#8217;s value to &#8220;deliberate actions by an external party.&#8221;<\/p>\n","protected":false},"author":1,"featured_media":97873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"ZachXBT accused the project of insider manipulation.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[787,1323,596],"class_list":["post-97872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dex","tag-investigations","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"1","layout_type":"1","short_excerpt":"ZachXBT accused the project of insider manipulation.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=97872"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97872\/revisions"}],"predecessor-version":[{"id":97874,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/97872\/revisions\/97874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/97873"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=97872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=97872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=97872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}