The Across Protocol ecosystem is in turmoil. Its native token ACX has nosedived after explosive allegations of insider manipulation and secret enrichment within the framework of its decentralized governance.
🔻 The token is bleeding
ACX has dropped 10% in the past 24 hours, trading around $0.1342. Over the past month, it has lost over 40%, now sitting 91% below its all-time high of $1.69 in December 2024.
💣 The accusations: Rigged votes and secret wallets
The scandal was triggered by Ogle, a pseudonymous founder of Layer 1 Glue, who posted a viral thread on X accusing Across Protocol leaders — particularly Kevin Chan and CEO Hart Lambur — of orchestrating two secret proposals that directly benefited their own company, Risk Labs.
🔹 The first proposal, from October 2023, allocated 100 million ACX tokens under the pretext of future development support, claiming the tokens would not be sold for two years. In reality, token option contracts were reportedly offered to outside investors soon after.
🔹 The second proposal for “retroactive funding” of 50 million ACX passed mainly due to votes from wallets allegedly controlled by insiders. Without those, quorum would never have been reached.
📉 DAO trust shattered
These allegations strike at the heart of DAO ideology — transparent, community-driven governance. Ogle claims the moves were a premeditated effort that undermined trust and put significant sell pressure on ACX. As of writing, Across Protocol has not issued an official response.
📊 Technical outlook: Bears in control
The charts are grim. ACX is hovering near the lower Bollinger Band at $0.1308, well below its 20-day simple moving average of $0.1597. The Relative Strength Index (RSI) has dropped to 31.27, flirting with the oversold zone.
🔮 What’s next?
If the $0.13 support level breaks, more losses could follow. While some traders may hope for a rebound to the mid-Bollinger level, shaken confidence in the team may significantly cap any upside momentum in the near term.
🧠 Summary:
Across Protocol is facing a severe trust crisis. If these allegations are proven true and the community doesn't receive clear answers, ACX may face not only market pressure but a long-term investor exodus. In the crypto space, where trust is everything, transparency may be the only lifeline.
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