ACX Price Falls Amid Accusations of Insider Trading and DAO Abuse
ACX token fell sharply on Friday, dropping over 10% after allegations surfaced accusing the Across Protocol team of DAO manipulation and insider trading linked to its Binance listing.
The token plunged from $0.151 to a low of $0.134, with 24-hour losses exceeding 12.5%, and a monthly drop of over 41%, reflecting growing investor concern.
Allegations Emerge Over Governance Misuse and Insider Wallets
The controversy began with claims from a well-known industry participant that the Across Protocol team funneled approximately $23 million worth of ACX from the DAO treasury to benefit a private, for-profit entity. The allegations focused on undisclosed insider wallet activity allegedly tied to team members, including Risk Labs executives.
According to the claims, governance proposals were pushed through using internal wallets, giving the appearance of community approval while masking personal financial gains.
The accuser further criticized the broader DAO model, stating many projects are “decentralized in name only,” with insiders influencing governance behind the scenes.
Protocol Team Strongly Refutes All Allegations
Across Protocol co-founder Hart Lambur issued a public rebuttal, calling the accusations “categorically untrue.” He emphasized that Risk Labs is a nonprofit, not a private company, and that no team members extracted personal value from DAO funds.
“In no way has the team ‘extracted’ value from the DAO. That is so insane it’s hard to even respond to,” Lambur said.
Lambur stated that the token grants funded protocol upgrades, including Across v3 and v4, and team expansion. He clarified that his salary is modest and that he hasn’t received token grants in years.
Regarding voting transparency, Lambur explained that all team-related wallets used in votes were either publicly linked or traceable, and that one key proposal passed unanimously with no objections.
Insider Trading Claims Also Denied by Founders
Further controversy arose after a rival protocol founder accused Lambur of insider trading ahead of the ACX Binance listing in December 2024.
Lambur denied having any prior knowledge of the listing, stating, “We found out on Twitter like everyone else.” He added that no listing fees were paid and that communications with Binance had ceased months earlier.
He warned that false accusations of insider trading are serious, saying, “I should go to jail if I did this. But I didn’t.”
Disclaimer
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