ACX Token Plummets After $23M Insider Scandal Rocks Across Protocol

Token Down 10% in 24 Hours, 40% in a Month Amid Serious Allegations

Holy crypto crash, Batman! ACX, the native token of Across Protocol, just took a nosedive after some jaw-dropping allegations of insider shenanigans involving a whopping $23 million in decentralized autonomous organization funds. I mean, we're talking about some serious self-dealing here!

Right now, ACX is trading at a measly $0.1342, down a brutal 10% in the last 24 hours and a staggering 40% over the past month. Ouch! It's now a mind-blowing 91% below its all-time high of $1.69 set back in December 2024. Talk about a crypto rollercoaster from hell!

So, what's the deal? Well, on June 27, Ogle, the mysterious founder of Layer 1 project Glue and advisor to World Liberty Financial, dropped a bombshell on X. In a detailed post that's got the crypto world buzzing, Ogle accused the Across Protocol team, especially project lead Kevin Chan and CEO Hart Lambur, of pulling off two sneaky proposals that lined their own company's pockets using secret wallets. Can you believe it?

Get this: Across Protocol/Bridge ($ACX) team allegedly used secret votes to swipe around $23 million from the Across DAO's treasury for their own private company's gain. And here's the kicker - Ogle's been calling out these so-called "DAOs in name only" for ages, saying they're just pretending to be run by "the people" while pulling shady moves behind the scenes.

These proposals were made to look like they had community support, but they actually transferred a massive 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 guise of future development support, with claims that the tokens wouldn't be sold for two years. Yeah, right!

But guess what? Risk Labs allegedly started selling token option agreements to external investors not long after. And the second vote, for "retroactive funding" of 50 million ACX, only passed because of insider-controlled wallets. Without those votes, it wouldn't have even reached quorum. Talk about a rigged system!

Ogle's report argues that these actions go against everything DAO governance stands for and could lead to some serious future sell pressure, especially for ACX holders who had no clue about the conflicts of interest behind these decisions. And get this - Across Protocol hasn't even responded to these allegations yet. Crickets!

Now, let's talk about the charts. We're seeing some clear downward pressure here, folks. ACX 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 is sitting at 31.27 and trending downwards, getting dangerously close to oversold territory.

If the price breaks through that $0.13 support zone, we could be in for even more declines. Some investors might be hoping for a bounce back toward the mid-Bollinger band despite the sell-off, but in the short term, upward momentum might be limited thanks to the deteriorating sentiment and eroded trust in the team. It's a wild ride, and we're all just holding on for dear life!