ACX Token Crashes After DAO Manipulation and Insider Trading Accusations
2025/06/27 16:56- ACX drops 10% on insider trading allegations
- Across Protocol Team Denies DAO Manipulation
- DAO governance returns to the center of the crypto debate
The ACX token suffered a drop of more than 10% this Friday, after the circulation of allegations involving the Across Protocol team in alleged manipulation of the governance of its DAO and use of privileged information before the listing of the asset on Binance.
According to recent data, the token’s price fell from $0,151 to $0,134, marking a daily decline of 12,5% and accumulating losses of 41% for the month.
The allegations were made by Ogle, the pseudonymous founder of the Glue platform, who published on X that members of the Across protocol had used the DAO's internal control to transfer around US$23 million in ACX tokens from the community treasury to benefit a private for-profit company.
TLDR: Across Protocol/Bridge ($ACX) team used secret votes to extract ~$23m from the Across DAO's treasury for their own private company's benefit.
Background: I've many times posted about DAOs that are DAOs “in name only” – that is, organizations that intend to be run by “the…
— ogle | glue.net (@cryptogle) June 26, 2025
Ogle further claimed that these allocation proposals were approved by “secret” wallets allegedly linked to Risk Labs CEO Hart Lambur, treasurer Kevin Chan, and other team members. According to him, these votes were made en masse, without transparency and without omitting conflicts of interest.
Despite acknowledging his financial involvement with ACX and other competing projects, Ogle highlighted that centralized governance of DAOs undermines trust in the cryptocurrency sector.
In response, Hart Lambur called the allegations “categorically false,” stressing that “in no way did the Across team ‘extract’ value from the DAO.” He noted that Risk Labs is a non-profit entity registered in the Cayman Islands with no shareholders or fiduciary obligations.
Lambur explained that the allocated resources were intended for the development of the v3 and v4 versions of the protocol and the expansion of the team, adding that his salary is US$ 100 thousand per year and that he has not received tokens for years.
https://t.co/QEIW5ZVYeP
— Hart Lambur (⛺️,⛺️) (@hal2001) June 27, 2025
Regarding the alleged vote manipulation, Lambur stated that members used personally acquired tokens and voted transparently. He cited as an example the “maxodds.eth” wallet, publicly linked to Chan, denying any attempt to hide the team’s involvement.
Finally, Lambur suggested that Ogle has ties to direct rivals of the project, such as Stargate and LayerZero, which he said raises questions about the motivation behind the accusations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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