edgeX has released a report detailing the recent crash of its EDGE token, which saw prices fall from $1.12 to $0.32 within an hour on June 2. The crash was attributed to concentrated selling from multiple addresses during low liquidity, triggering a flash crash and affecting leveraged positions linked to centralized exchanges. The team confirmed their address remained unchanged during the incident. In response, edgeX plans to enhance market making and liquidity management. They have also established a 200,000 USDC on-chain bounty to identify the addresses involved in the attack. Additionally, edgeX will compensate users who suffered losses due to forced liquidation or stop-loss triggers on edgeX Perp V1/V2, with a maximum compensation of 100,000 USDC per person. Compensation will be split, with 50% in USDC distributed within 7 days post-review, and the remaining 50% in EDGE tokens based on a 7-day TWAP in April 2027.
edgeX Reports on EDGE Token Crash, Announces Compensation Plan
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