EdgeX blames ‘external party’ for token crash as ZachXBT alleges insider manipulation

Decentralized exchange edgeX has attributed a more than 40% collapse in its EDGE token to ‘deliberate’ market manipulation by an unnamed external party, a claim that onchain investigator ZachXBT has dismissed.

Data from CoinMarketCap shows edgeX (EDGE) plunged from roughly $1.20 to an intra-day low of $0.3663 on Tuesday, a drop of around 70%. The token is currently trading at $0.6474, down by around 45% over the past day.

In a post on X, the edgeX team acknowledged the sudden collapse in its native token, telling its community it had “observed a sudden and irregular price movement” and was actively investigating.

In response, ZachXBT claimed edgeX’s supply had been controlled by a small number of insiders operating with a low float, making the token inherently vulnerable to these types of events. He also demanded that the project publicly disclose the counterparties and market-maker agreements that contributed to the crash.

Only 350 million EDGE tokens