EdgeX blames external manipulation as ZachXBT demands disclosure
EdgeX says an unnamed external party manipulated EDGE, sending it from $1.20 to $0.3663; investigator ZachXBT disputes the claim and seeks disclosure of counterparties and market-maker deals.
The decentralized exchange edgeX reported that an unnamed external party deliberately manipulated its EDGE token, triggering a price fall on Tuesday from about $1.20 to an intraday low of $0.3663. The token later traded near $0.6474, a roughly 45% decline over 24 hours.
In a post on X, the edgeX team told its community it had “observed a sudden and irregular price movement” and that its platform had not been compromised. The project added that initial findings “suggest deliberate attempts by certain external party to manipulate the market price of EDGE” and labeled the incident a market integrity issue. The team said it is continuing an investigation.
Onchain investigator ZachXBT rejected that account and pointed to the token’s supply structure and trading dynamics. He posted that a small group of insiders controls a large share of EDGE and urged the project to disclose counterparties and any market-maker agreements. He wrote on X, “We investigated ourselves and did not find ourselves guilty even though we control nearly the entire supply.”
Only 350 million EDGE are currently in circulation out of a maximum of 1 billion, leaving more than two-thirds of the supply off market. A low circulating float can magnify price swings when liquidity is thin or concentrated because large sales can move order books and push prices lower.
EdgeX ranked 16th by trade volume among the best crypto exchanges over the past day and reported a total value locked of $137 million.
Aggregate decentralized exchange volume peaked near $45 billion in early 2025, then settled in a $5 billion to $20 billion daily range through the first half of 2026 with a secondary peak near $30 billion in October 2025. Lower overall DEX activity can leave some tokens trading in thinner markets, increasing the impact of large orders.
EdgeX maintains there was no security breach and continues to investigate. ZachXBT continues to press for public disclosure of trading counterparties and market-making arrangements.
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