EdgeX Reports 23% Price Fluctuation in EDGE Token Due to Concentrated Selling

EdgeX has released a report detailing the abnormal price fluctuations of the EDGE token. According to Foresight News, the incident occurred when the active liquidity in PancakeSwap's main on-chain trading pool was approximately $1.25 million. On June 2, 2026, at 13:12, 174 addresses submitted sell orders for EDGE to the PancakeSwap trading pool within a single minute. During this minute, the sell volume surged about tenfold compared to previous minutes, with approximately 159,000 EDGE sold across 354 orders, causing the price to fluctuate by 23%. The price of EDGE dropped from $1.12 to $0.32 within about an hour, attributed to concentrated selling during a period of low liquidity, compounded by high-leverage long position liquidations and CEX interactions, resulting in a flash crash. The team addresses remained unchanged during this period. EdgeX announced plans to enhance market-making and liquidity, and has established a $200,000 USDC on-chain bounty to trace addresses linked to the attack. Additionally, EdgeX will offer compensation to users who incurred actual realized losses due to forced liquidation or stop-loss triggers of EDGE long positions on edgeX Perp V1/V2 during the specified time window. The compensation will be capped at $100,000 USDC per person, with 50% paid in USDC within seven days after review, and the remaining 50% in EDGE based on the seven-day TWAP, to be distributed in the first week of April 2027.