TL;DR:
ZachXBT, the well-known on-chain investigator, publicly attacked the edgeX team after the EDGE token crashed to an all-time low of $0.40 on June 1, less than two weeks after reaching its peak of $1.54.
The drop implied a loss of 51% of its value in a single day and resulted in $6.2 million in liquidations recorded across major platforms, with long positions totaling $4.84 million concentrated primarily on Binance, Bybit, and OKX.
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
edgeX, the decentralized perpetual futures platform that issues the token, published a statement on X hours after the collapse acknowledging “a sudden and irregular price movement.” In a second statement, the project ruled out any hack or vulnerability in the protocol and pointed to external actors, claiming to have identified “deliberate attempts by certain parties to manipulate the market price of EDGE.” The platform promised a more detailed update once internal investigations were concluded.
Dear edgeX Community,
We want to be transparent with you: we have observed a sudden and irregular price movement of the EDGE token and are actively investigating the cause.
Our team is working urgently to understand what has occurred. We will share our updates as soon as we…
— edgeX
(@edgeX_exchange) June 1, 2026
That explanation, however, did not convince everyone. ZachXBT pointed out that EDGE’s supply appeared to be controlled by a small group of actors, with a very low circulating float, and challenged the team to disclose their agreements with counterparties and market makers if they were genuinely seeking transparency. His sharpest criticism came as a direct paraphrase: “We investigated ourselves and found no wrongdoing, even though we control nearly the entire supply.”
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
The token collapse occurred during a complex period, marked by a series of security incidents that shook the ecosystem over recent months. Among the most notable, the exploit on DxSale drained more than 1,400 liquidity pools on BNB Chain for a total of $7.3 million. An attacker also withdrew approximately $11 million from the Verus bridge, while liquidity provider TrustedVolumes recorded losses of nearly $6 million.
According to CoinGlass data, EDGE’s price volatility reached 74.77% on the day of the collapse. The token is currently trading at around $0.652, according to CoinMarketCap.
