Svmuu reported that on June 2nd, the price of the EDGE token dropped from $1.12 to approximately $0.32 within about an hour. This abnormal fluctuation occurred during a period of weak liquidity and was triggered by concentrated selling from multiple addresses, coupled with a squeeze on high-leverage long positions and a linked response from CEXs. Notably, the team's addresses remained unchanged during this period.
edgeX has stated that it will enhance market making and liquidity, launch a goodwill compensation plan of up to 100,000 USDC, and establish a 200,000 USDC on-chain bounty to trace addresses associated with the attack.