Representatives of the decentralized exchange edgeX have linked the ~67% drop in the native EDGE token's price to "deliberate actions by an external party."
We all know edgeX supply was being controlled by a few insiders with a low float.
If you care about transparency at all you will name the counterparties / MM agreements which lead to these events. pic.twitter.com/qn2LvNPg2H
— ZachXBT (@zachxbt) June 2, 2026
However, on-chain investigator ZachXBT has questioned the project's narrative, suggesting possible insider manipulation. He urged the team to disclose details of agreements with market makers and counterparties whose actions may have triggered the dump.
On June 2, edgeX recorded a "sudden and irregular" price movement of the asset and initiated an investigation. According to CoinGecko, the price of EDGE plummeted from $1.21 to $0.40 within 24 hours. At the time of writing, the token is priced at $0.6576.
Hourly chart of EDGE/USDT on OKX. Source: TradingView.Project representatives emphasized that the protocol was not hacked. They blamed external participants, labeling the incident a matter of "market integrity."
We want to share an update on the irregular EDGE price movement and address any concerns about platform security directly.
The edgeX protocol were not compromised in any way. This was not a hack, exploit, or security breach.
What we have identified so far suggests deliberate… https://t.co/BV4rTz7aa8
— edgeX🦭 (@edgeX_exchange) June 2, 2026
The team promised to release a detailed report after working with exchanges to identify those responsible.
Developers also clarified that the address of the alleged perpetrator is an official smart contract for the spot exchange, used solely for user deposits and withdrawals.
The address: 0x7f861a7db997b4f6e5ef9954a3b5d5b29c463cb2 (https://t.co/aj00QsSwyR) is an official edgeX spot smart contract address used solely for user deposits and withdrawals on edgeX protocol. https://t.co/BV4rTz7aa8
— edgeX🦭 (@edgeX_exchange) June 2, 2026
ZachXBT criticized edgeX's stance, stating that the supply of EDGE was controlled by a small group of insiders with an extremely low float.
“We investigated ourselves and did not find ourselves guilty even though we control nearly the entire supply” pic.twitter.com/78l9tT01WT
— ZachXBT (@zachxbt) June 2, 2026
“We investigated ourselves and did not find ourselves guilty, even though we control nearly the entire supply,” the researcher ironically commented on the situation.
The total supply of EDGE is 1 billion tokens, with 350 million currently in circulation (~35%). The distribution allocates 30% to early users, 25% to the core team, and 30% to the fund's reserve.
edgeX ranks 17th among DEXs by daily trading volume, with a TVL of $134.54 million.
Source: DefiLlama.It is worth noting that in May, the SUPERFORTUNE project team reported a security incident in which an attacker withdrew approximately $15 million.