EdgeX says token plunge was market manipulation, not a hack

Decentralized derivatives exchange EdgeX (EDGE) has stated that the recent sharp drop in its native token's price was not due to a protocol hack. In a post on X, the exchange clarified that the incident was unrelated to any security vulnerabilities or breaches. Instead, EdgeX said its investigation found evidence of intentional price manipulation by certain parties. The team emphasized it is actively working with relevant exchanges and platforms to identify the cause and hold those responsible accountable. The price of EDGE fell by approximately 70%, dropping below $0.4, starting around 9:00 p.m. UTC on June 1. The token is currently trading at $0.7556.