ACX Token Drops 10% Amid Misappropriation Allegations

On June 27, 2025, the ACX token of Across Protocol experienced a significant drop of 10% following allegations of misappropriation involving $23 million. The controversy centers around the transfer of 150 million ACX tokens, which raised serious concerns about the protocol's governance structure. The allegations were brought to light by an on-chain analysis, suggesting impropriety in the transfer of these tokens.

Hart Lambur, the CEO of Across Protocol, has firmly denied the claims of misappropriation, emphasizing that the tokens were used exactly as intended. Lambur, a pivotal figure in the DeFi landscape, stated that Risk Labs, the entity involved in the allegations, was granted ACX tokens from the DAO to build the Across protocol. This practice, according to Lambur, is standard for DAOs. However, the market's reaction to the allegations was swift, with the ACX token experiencing a notable decline, reflecting eroded confidence among traders.

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 a well-known figure in the DeFi space, who 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 the accusations, 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. 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.