EdgeX blames ‘external party’ for token crash as ZachXBT alleges insider manipulation
edgeX’s EDGE token fell sharply, dropping from about $1.20 to an intraday low near $0.366 and then trading around $0.65, roughly 45% down over 24 hours. The project said it saw “sudden and irregular price movement” and later claimed the crash was caused by deliberate market manipulation by an external party, while saying the platform itself was not hacked. Onchain investigator ZachXBT rejected that explanation, arguing the token’s supply was concentrated among a small number of insiders and that the low circulating float made EDGE especially fragile. He called for public disclosure of counterparties and market-maker arrangements. Only 350 million EDGE are circulating out of 1 billion maximum supply, leaving liquidity vulnerable to large sell-offs. The episode comes amid broader declines in DEX trading volume, which can amplify volatility in thin markets.
