Onchain investigator ZachXBT has alleged that insiders at decentralized exchange EdgeX controlled nearly the entire token supply, leaving only a thin float for public trading. EdgeX has responded by blaming an “external party” for the token’s crash.
What ZachXBT’s analysis shows
ZachXBT, a well-known figure in crypto investigation circles, posted findings that suggest EdgeX’s token supply was heavily concentrated among a small group tied to the exchange. A thin float means only a minimal amount of the token was actually circulating on the open market, making the price extremely vulnerable to moves by large holders. The implication is that insiders could have orchestrated the crash or profited from it by selling into the thin order books.
EdgeX’s counter-narrative
The exchange didn’t directly respond to the insider allegations. Instead, EdgeX issued a statement blaming an unnamed “external party” for the token’s sharp decline. The company gave no details about who that party might be or how an external actor could single-handedly collapse a token whose supply was supposedly controlled by insiders, as ZachXBT claims.
The two explanations clash. ZachXBT points to the exchange’s own team, while EdgeX insists the fault lies outside. Neither side has released additional evidence to back up their story.
For now, the conflict remains unresolved. The token’s holders are left with two contradictory accounts and no clear way to verify either one. Without independent data from the exchange’s smart contracts or token distribution records, the truth about who caused the crash may remain hidden.
