Across Protocol Token Drops 10% Amid Insider Dealing Allegations

ACX, the native token of Across Protocol, has experienced a significant decline following serious allegations of insider self-dealing involving $23 million in decentralized autonomous organization (DAO) funds. The token is currently trading at $0.1342, marking a 10% drop in the past 24 hours and over 40% decline in the past month. This current price is 91% below its all-time high of $1.69, which was set in December 2024.
The allegations were brought to light on June 27 by Ogle, the pseudonymous founder of a Layer 1 project and advisor to a financial institution. In a detailed post, Ogle accused the Across Protocol team, specifically project lead Kevin Chan and chief executive officer Hart Lambur, of orchestrating two secretive proposals that directly benefited their own company using undisclosed wallets. These proposals, made to appear as having community support, transferred 150 million ACX tokens worth about $23 million at current prices to Risk Labs over two separate governance votes. The first vote in October 2023 granted 100 million ACX under the pretense of future development support, with claims that the tokens would not be sold for two years. However, Risk Labs allegedly began selling token option agreements to external investors soon after. A second vote, for “retroactive funding” of 50 million ACX, passed primarily due to insider-controlled wallets. Without those votes, it would not have reached quorum.
The report argues that such actions run counter to DAO governance principles and create significant future sell pressure, especially harmful to ACX holders unaware of the conflicts of interest behind these decisions. Across Protocol has not publicly responded to the allegations at the time of writing. The technical analysis of the token shows clear downward pressure. The token is currently hugging the lower Bollinger Band at $0.1308 and trading below its 20-day simple moving average of $0.1597. The relative strength index, which is trending downwards, is close to oversold territory at 31.27. More declines may occur if the price breaks through the $0.13 support zone. Some investors may be watching for a bounce move back toward the mid-Bollinger band despite the sell-off. However, in the short term, upward momentum might be limited due to deteriorating sentiment and eroded trust in the team.
Ask Aime: ACX token's steep decline due to insider trading allegations; what's next for the decentralized autonomous organization?

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