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ZachXBT

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edgeX

<p>EDGE suffered a sell-off over the past 24 hours, falling from $1.15 to around $0.65. The token briefly plunged as low as $0.37 before recovering part of its losses, but selling pressure remains.</p>
<p>The decline triggered heavy liquidations across derivatives markets. Data from <a href="https://www.coinglass.com/liquidations/EDGE" rel="noopener noreferrer nofollow">Coinglass </a>shows total liquidations reached approximately $6.28 million during the period, with long traders taking the biggest hit at $4.83 million. Short positions accounted for roughly $1.45 million.</p>
<h2 id="h-edgex-denies-security-breach" class="wp-block-heading"><strong>edgeX Denies Security Breach</strong></h2>
<p>As concerns spread across the community, the edgeX team moved quickly to address speculation. The project stated that the incident was not caused by a hack, exploit, or security breach.</p>
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   <p>Dear edgeX Community,<br><br>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.<br><br>Our team is working urgently to understand what has occurred. We will share our updates as soon as we…</p>— edgeX🦭 (@edgeX_exchange) <a href="https://x.com/edgeX_exchange/status/2061579114654659027?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 1, 2026</a>
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<p>According to edgeX, preliminary findings suggest the price collapse may have been linked to deliberate market manipulation by an external party. The team said it is actively investigating the incident and working with exchanges to identify those involved.</p>
<p>The project also emphasized that its infrastructure, systems, and smart contracts remain secure.</p>
<h2 id="h-liquidity-concerns-emerge" class="wp-block-heading"><strong>Liquidity Concerns Emerge</strong></h2>
<p>Reports indicate that approximately $1.6 million in liquidity was withdrawn from main trading venues and edgeX-related pools around the time of the crash. In low-float markets, sudden liquidity withdrawals can significantly amplify price movements, especially when leveraged positions begin to unwind.</p>
<p>Adding to the speculation, trading group <a href="https://x.com/Eveningtraders/status/2061629684262297802?s=20" rel="noopener noreferrer nofollow">Evening Trader </a>reported that a wallet deposited roughly $1.33 million worth of EDGE shortly before the token experienced a sudden 74% decline. The address has since attracted attention as investigators examine the sequence of events.</p>
<h3 id="h-zachxbt-calls-for-more-transparency" class="wp-block-heading"><strong>ZachXBT Calls for More Transparency</strong></h3>
<p>The explanation from edgeX has not satisfied everyone.</p>
<p>Blockchain investigator ZachXBT questioned whether market manipulation alone explains the crash. He argued that a significant portion of EDGE’s supply appears concentrated among a small number of holders and urged the project to disclose more information about its market makers and liquidity arrangements.</p>
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   <p>We all know edgeX supply was being controlled by a few insiders with a low float. <br><br>If you care about transparency at all you will name the counterparties / MM agreements which lead to these events. <a href="https://t.co/qn2LvNPg2H" rel="noopener noreferrer nofollow">pic.twitter.com/qn2LvNPg2H</a></p>— ZachXBT (@zachxbt) <a href="https://x.com/zachxbt/status/2061627813028110362?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 2, 2026</a>
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<p>His comments have fueled debate within the community over whether the collapse stemmed from external manipulation, structural weaknesses, or a combination of both.</p>

EDGE Token Crashes 74% in Hours as ZachXBT Questions Market Manipulation Claims

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