ACX Token Plummets Following Allegations of Insider Trading

The ACX token, belonging to the Across Protocol project, has experienced a significant drop of over 10% within the last 24 hours, with a total decrease of 40% over the past month. Currently, ACX is trading 91% below its peak value of $1.69, which was reached back in December 2024.

The decline in ACX’s value can be attributed to serious allegations of insider trading against the project team, amounting to approximately $23 million. These accusations were initially brought to light by Ogle, the founder of the Glue network and an advisor to World Liberty Financial, who highlighted the involvement of key individuals such as project lead Kevin Chan and CEO Hart Lambour.

According to Ogle’s social media post, the Across Protocol team allegedly engaged in two covert proposals utilizing undisclosed wallets from an unidentified decentralized platform known as DAO. The proposals were framed as community-supported initiatives, resulting in the transfer of 150 million ACX tokens, valued at around $23 million based on current market prices, to Risk Labs during two separate governance votes. These tokens were supposed to remain unsold for two years.

Following this transfer, Risk Labs reportedly started selling token sale agreements to external investors. The second vote, which involved a “retroactive funding” request for 50 million ACX, was heavily influenced by wallets controlled by internal team members. Without the support of these votes, the quorum required for decision-making would not have been achieved.

Ogle criticized these actions, stating that they conflict with the principles of management within DAO and impose significant pressure to sell in the future. This situation is especially detrimental to ACX holders who may not be aware of the underlying conflicts of interest behind these decisions.

In conclusion, the allegations of insider trading against the Across Protocol team have led to a notable decline in the value of the ACX token. The accusations raise concerns about transparency, governance practices, and potential conflicts of interest within the project. It remains to be seen how this situation will unfold and what impact it will have on ACX investors and the broader cryptocurrency community.