The developers of the decentralized exchange edgeX linked the sharp decline in EDGE’s native token prices by about 67% to "deliberate actions from the outside," while the oncheen-detective ZachXBT put forward a version of insider manipulation.

On June 2, the EDGE plummeted from $1.21 to $0.4, before adjusting to $0.6576. The project team emphasized that the breach of protocol was not, classifying the incident as a problem of "market integrity" and specifying that the address of the perpetrator is an official smart spot contract for deposits and withdrawals. The developers promised to publish a report after identifying those responsible together with the exchanges.

ZachXBT criticized this position, drawing attention to the concentration of supply in a narrow group of people with low volume of free circulation coins: out of 1 billion tokens in circulation there are only 350 million (35%). Planned distribution of all emissions: 30% - to early users, 25% - to the main team, 30% - to the fund reserve. "We investigated ourselves and were not to blame, although we control almost all of the proposal," the researcher ironically commented, demanding details about contracts with marketers.

At the moment edgeX is ranked 17th among DEX daily trading volume with a TVL of $134.54 million. The exchange’s team intends to complete the investigation and provide transparent data to the market in order to clarify the situation and restore user trust. The incident occurred against a background of common security problems in the sector, including a $15 million May leak from the SUPERFORTUNE project.