Across Protocol Token ACX Plummets 12% Amid DAO Fund Misappropriation Allegations

The native token of Across Protocol, ACX, has experienced significant turmoil following allegations of misappropriated DAO funds, leading to a sharp decline in its value and widespread community backlash. On June 27, 2025, the token's price plummeted by over 12% in a single day, settling at $0.1342, which is more than 91% below its all-time high set late last year. The controversy centers around $23 million in questionable token transfers that have raised serious concerns about the protocol's governance structure.

The fallout from these allegations comes just two months after Across Protocol partnered with Velora to facilitate cross-chain swaps across 17 different blockchain networks. This collaboration was initially celebrated as a significant step toward broader adoption and integration within the decentralized finance (DeFi) ecosystem. However, the recent claims of insider manipulation have cast a dark shadow over this achievement, threatening to undermine the trust and credibility that the protocol had built.

The allegations were brought to light by Ogle, the pseudonymous founder of Layer 1 project Glue and a well-known figure in the DeFi space. In a detailed post on X, Ogle accused the leadership of Across Protocol, specifically CEO Hart Lambur and project lead Kevin Chan, of orchestrating two secretive governance proposals that redirected community funds to their own for-profit entity, Risk Labs. According to Ogle, these proposals were disguised as standard community-backed votes but were actually propped up by insider-controlled wallets to ensure quorum and passage.

The first vote, executed in October 2023, transferred 100 million ACX to Risk Labs under the promise of future development funding, with assurances that the tokens would remain unsold for two years. However, it was later reported that Risk Labs began selling token option agreements to outside investors, raising suspicions that the true intent of the vote had been concealed. A second vote soon followed, granting an additional 50 million ACX as so-called “retroactive funding,” again passing due to wallets allegedly linked to the core team.

As the accusations circulated, traders reacted swiftly, driving ACX’s price down over 12% in 24 hours and deepening its monthly decline to more than 41%. Market activity surged, with 24-hour trading volume jumping significantly, a sign that holders are rushing to exit their positions amid growing uncertainty. Despite the sell-off, Across Protocol’s total value locked (TVL) remains relatively strong, suggesting that some users have not yet withdrawn liquidity from the ecosystem. However, technical indicators point to ongoing bearish sentiment, with the token currently trading well below its 20-day moving average and the Relative Strength Index (RSI) dropping to 31.27, indicating that the token is nearing oversold territory and could see further declines if sentiment fails to recover.

The core of the crisis lies in concerns about DAO governance integrity, a foundational principle of decentralized finance that promises transparent and community-driven decision-making. If the allegations prove accurate, Across Protocol may be seen as an example of how concentrated power and undisclosed interests can override the very mechanisms meant to protect token holders. Although the Across team has yet to issue a formal statement in response to the accusations, many in the community are demanding a full audit of the governance votes and associated wallet addresses. Without a credible rebuttal or corrective action, the ACX token may continue to face downward pressure as investor confidence erodes further. For now, the market remains on edge, waiting to see whether Across Protocol can restore trust or become the latest cautionary tale in DeFi governance gone wrong.