EDGE, the native token of the edgeX protocol, hit an all-time low of about $0.40 on June 1 — less than two weeks after peaking at $1.54. The crash wiped out roughly 51% of the token's value in a single day, triggering more than $6.2 million in liquidations across Binance, Bybit, and OKX, according to data cited in a report from GFdaily.
What the on-chain data shows
The price swing wasn't subtle. Volatility hit nearly 75% on the day of the collapse. Liquidations — mostly long positions, about $4.84 million — hit at least 3,840 traders. The concentration of the damage on three major exchanges suggests a coordinated unwinding, though the exact trigger remains disputed.
ZachXBT calls foul
On-chain researcher ZachXBT publicly accused edgeX of insider manipulation. He argued that the EDGE supply appeared controlled by a small group of wallets, with a low circulating float that made the token unusually easy to dump. In a series of posts, he challenged edgeX to disclose its counterparties and market-maker agreements, mocking the team's claim that it was conducting an internal investigation.
edgeX pushes back
EdgeX denied the protocol was compromised. In a statement — which it did not attribute to any specific person — the team said the event was “not a hack, exploit, or security breach” and suggested deliberate external market manipulation. The team did not name any alleged manipulator, nor did it provide evidence of foul play by an outside actor. The exchange of accusations remains one-sided: ZachXBT has called for full transparency; edgeX has not released any market-maker contracts or wallet disclosures.
The broader landscape
The EDGE crash comes amid a string of crypto exploits this spring. DxSale lost $7.3 million, the Verus bridge was drained of $11 million, and TrustedVolumes saw just under $6 million disappear. While the edgeX incident shares the same market damage profile — sudden, severe, and costly — the protocol insists the mechanism was different: not a code exploit but a market attack.
Still, the timing is uncomfortable for edgeX. The token's rapid collapse and the concentrated liquidation pattern raise questions that the team's vague denial hasn't quieted. The public is now waiting to see whether edgeX will produce any documents to back up its claim — or whether ZachXBT, who has a track record of exposing bad actors, will produce more evidence of his own.
