Crypto Exchanges
By Evie Vavasseur
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EdgeX Blames External Manipulation. The decentralized exchange behind the EDGE token posted on social media after the crash, calling…
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$6.2 Million in Liquidations, 3,840 Traders Hit. The damage to traders was real and fast. CoinGlass data put total liquidations at approximately $6.
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A Rough Year for Crypto Security. The EDGE situation landed against an already rough backdrop for the industry.
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The EDGE token cratered. On June 1, it hit a record low of roughly $0.40, down from a peak of $1.54 just two weeks earlier — more than half its value, gone in a single day.
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On-chain researcher ZachXBT jumped in fast. He alleged insider manipulation, and his criticism of EdgeX's response was pointed: "We investigated ourselves and did not find…
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The decentralized exchange behind the EDGE token posted on social media after the crash, calling it a "sudden and irregular price movement.
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Whether those updates will satisfy critics is unclear. ZachXBT's framing — that the supply concentration makes the self-investigation basically meaningless — is the kind of thing…
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Per CoinGecko, EDGE fell from $1.26 to around $0.40 before settling near $0.62. That's still a brutal drawdown from the $1.54 peak just days earlier.
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The damage to traders was real and fast. CoinGlass data put total liquidations at approximately $6.2 million within 24 hours. Long positions took the worst of it — $4.
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See also: MYX Finance Eyes $0.30 as Traders Watch Key Supply Zone Closely
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That kind of volatility in a single session isn't just painful for individual traders — it raises bigger questions about how a token with apparently concentrated supply was…
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And that's probably the harder question here. Not just who manipulated the market, if anyone did, but how a token ends up in a position where one bad day can produce $6.
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The EDGE situation landed against an already rough backdrop for the industry. When the price collapsed, the first instinct for many was to suspect a hack — and honestly, that's…
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EdgeX's categorical denial of any security breach was probably necessary just to stop the bleeding on that front. But denying a hack doesn't resolve the manipulation question.
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Related: Venice Token Jumps 12% as Traders Eye a Fresh All-Time High
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