Overview

Accusations of governance manipulation and insider trading have heavily impacted the Across Protocol’s ACX token, resulting in a 10% decline in its value. The concerns stem from allegations that core team members may have engaged in front-running a Binance listing while still retaining control over the ostensibly decentralized DAO.

Key Points

• The allegations purport that core contributors have front-run a Binance listing and possess control over the decentralized DAO.
• ACX co-founder Hart Lambur has vigorously denied the claims, asserting that the tokens are being utilized as planned to foster protocol development.

“Risk Labs was granted ACX tokens from the DAO to build the Across protocol. This is standard practice for DAOs! Since the first grant passed (in October 2023), we shipped Across v3 and grew the protocol massively.”
(Translation): “Risk Labs received ACX tokens from the DAO to advance the Across protocol. This follows standard procedures for DAOs! After the first grant in October 2023, we launched Across v3 and significantly expanded the protocol.”

In light of these developments, ACX’s trading volume surged amid the falling price, indicating traders are reacting promptly to the unfolding situation.