EdgeX / EDGE Token
Summary
edgeX is a decentralized perpetual futures exchange incubated by Amber Group and launched on mainnet in August 2024, with its native EDGE token generating at Token Generation Event on March 31, 2026. On June 2, 2026, the EDGE token crashed approximately 77% in under 60 seconds, erasing over $220 million in market value; edgeX attributed the event to an unidentified external party, while on-chain investigator ZachXBT alleged that a small group of insiders controlled the majority of the 1 billion token supply through a thin-float structure. A self-commissioned investigation found no team misconduct, a conclusion ZachXBT publicly derided as self-serving, and the project subsequently faced scrutiny for declining to disclose market-maker agreements or insider token allocations.
Connected Entities
1 entities · 10 linked investigations- + 1 more
Timeline(12 events)
2026-02-10
Circle Ventures announces strategic investment in edgeX ahead of EDGE token launch, with plans to integrate native USDC on the EDGE Chain.
The Block2026-03-31
EDGE token launches at TGE with 350 million of 1 billion tokens entering public circulation. Genesis airdrop distributes 25% of total supply.
The Crypto Times2026-04-01
Arkham Intelligence and on-chain analysts surface data alleging $195 million in EDGE airdrop tokens concentrated in wallets linked to the team, with approximately $90 million sent to 80+ fresh addresses. Community backlash begins.
Gate News / AMBCrypto2026-04
edgeX responds to airdrop backlash by locking 141,658,500 EDGE (14% of total supply) in an OpenZeppelin-audited VestingWallet contract for one year (unlock approximately April 2027) and launches a buyback-and-burn program.
CoinGabbar / AMBCrypto2026-06-01
At approximately 9:00 p.m. UTC, EDGE token begins flash crash from approximately $1.26. Within 60 seconds, 174 wallet addresses execute coordinated sell orders. The primary PancakeSwap pool, holding approximately $1.25 million in liquidity, is rapidly drained. EDGE reaches a low of approximately $0.31, a 77% decline erasing over $220 million in market value. Crash cascades across Binance, OKX, Bybit, Bitget, and Gate.io perpetual markets.
The Crypto Times2026-06-02
At approximately 6:06 a.m. UTC, edgeX acknowledges abnormal price movement. At 7:06 a.m. UTC, edgeX clarifies no security breach occurred. At 8:00 a.m. UTC, ZachXBT publicly demands disclosure of market-maker agreements and alleges insider supply control. edgeX attributes the crash to deliberate market manipulation by an unidentified external party.
The Crypto Times / CoinTelegraph2026-06-03
edgeX publishes full incident report. Preliminary investigations from OKX, Bybit, Bitget, and Bithumb find no evidence of team misconduct. edgeX announces 200,000 USDC bounty for identifying responsible wallets and goodwill compensation program for liquidated users capped at 100,000 USDC per account.
NullTX / The Block2026-06-03
ZachXBT publicly mocks edgeX's self-investigation with the statement: 'We investigated ourselves and did not find ourselves guilty even though we control nearly the entire supply.'
CoinTelegraph / CryptoPotato2026-06-04
As of this date, the investigation into the alleged external attack remains unresolved. No responsible parties have been identified or named. The payback plan status and investigation outcome remain disputed. edgeX has not disclosed market-maker agreements or detailed insider token allocations.
The Crypto TimesDecision Log
- hash: AgGexrdhjd9PbdYTYm4KDmNj5DeVYMZJVjDgAf2LFEQY
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/4/2026, 12:05:59 PM
last updated: 6/4/2026, 12:06:11 PM
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