In the early hours of June 2, 2026, the EDGE token experienced a severe and sudden price dislocation, dropping approximately 71% from around $1.12 to a low of roughly $0.32 within approximately one hour, before recovering and stabilizing in the $0.63–$0.71 range.
We believe this was a deliberate and targeted attack. The perpetrator appears to have exploited a combination of factors: thin on-chain DEX liquidity during low-activity trading hours, high leverage in perps, and cascading CEX liquidity conditions, engineered to trigger a flash crash.
We are actively in communication with the relevant CEXs to obtain accurate data on market maker activity and liquidity conditions at the time of the incident. Here is what our team is doing right now:
- Gathering evidence and reconstructing the full sequence of events, because we owe that clarity to ourselves, our users, and the broader market.
- We have posted a 200,000 USDC on-chain bounty for anyone who can identify the entity or entities behind the attacking wallet addresses, or provide information that materially assists in that identification. Please open a discord ticket.
discord.com/invite/edgex
We will share updates as meaningful findings emerge.
We're grateful for all partners and users supporting us in this difficult time.