ACX Drops Amidst DAO Misuse Allegations
ACX's value dropped by over 10% after allegations surfaced claiming the Across Protocol team misused DAO governance for personal gains and engaged in insider trading before the token's Binance listing. The token fell from $0.151 to a low of $0.134. The accusations were made by Ogle, founder of Glue, alleging insider-controlled wallet voting manipulated DAO proposals. Hart Lambur of Across Protocol refuted these accusations, stating the claims were unfounded and denying any misuse of DAO governance. He emphasized that Risk Labs operates as a nonprofit, focusing funds on protocol development, and claimed personal wallets were used transparently during voting. Further allegations of insider trading regarding the Binance listing were also denied by Lambur, who insisted no prior knowledge of the listing existed. He described the accusations as a malicious move by competitors.
FAQ
❓ Why did ACX drop in value?
ACX dropped over 10% following allegations against the Across Protocol team for misusing DAO funds and insider trading, which the team denies.
❓ What are the allegations against Across Protocol?
The accusations involve misuse of DAO governance and insider trading ahead of a Binance listing.
❓ How has the Across Protocol team responded?
The team has strongly denied all allegations, emphasizing transparency and correct use of funds.