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Jun 3, 2026

edgeX to Refund Users and Launch $200,000 Bounty After EDGE Token Crashes 70%

Decentralized perpetual trading platform edgeX announced it will compensate users affected by a flash crash that saw its EDGE token plummet approximately 70% on Tuesday. The platform is also launching a 200,000 USDC bounty program while denying responsibility for the token collapse.

Jun 3, 2026·2 sources
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Top claims

  • ▪The initial sell-off caused a 23% price drop that spread to perpetual markets on edgeX and centralized exchanges.
  • ▪ZachXBT called on edgeX to name the counterparties and market-maker agreements that led to the event.
  • ▪edgeX claims the crash began when 174 addresses flooded a PancakeSwap pool with sell orders during a period of thin liquidity.

Topics

DeFi derivativesCrypto market crashesDeFiCrypto markets

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