ACX, the native token of Across Protocol, has seen a steep decline following serious accusations of insider self-dealing involving $23 million in DAO funds.
Currently trading at $0.1342, ACX is down 10% over the past 24 hours and has dropped more than 40% over the last month. The token now sits 91% below its all-time high of $1.69, recorded in December 2024.
The allegations surfaced on June 27 through a detailed post on X by Ogle, the pseudonymous founder of the Layer 1 project Glue and advisor to World Liberty Financial. Ogle accused the Across Protocol leadership—specifically project lead Kevin Chan and CEO Hart Lambur—of pushing through two covert proposals that used undisclosed wallets to channel funds to their own company.
The controversial proposals, which appeared to have broad community support, ultimately transferred 150 million ACX tokens—worth approximately $23 million at current prices—to Risk Labs through two separate governance votes. The first vote, held in October 2023, allocated 100 million ACX under the premise of supporting future development, with assurances that the tokens wouldn’t be sold for at least two years.
However, shortly after the vote, Risk Labs allegedly began offering token option agreements to external investors. A second vote granted 50 million ACX as “retroactive funding,” but according to the report, it only passed due to insider-controlled wallets. Without those votes, the proposal would have failed to meet quorum.
The allegations suggest a serious breach of decentralized governance principles, raising concerns over potential future sell pressure—particularly harmful to unsuspecting ACX holders who were unaware of the underlying conflicts of interest. As of now, Across Protocol has not issued a public response.
From a technical standpoint, the chart reflects persistent downward momentum. ACX is currently trading near the lower Bollinger Band at $0.1308 and remains below its 20-day simple moving average of $0.1597. The Relative Strength Index (RSI) stands at 31.27 and is trending lower, approaching oversold territory.
Further declines could be on the horizon if ACX breaks below the key support level at $0.13. While some investors may be eyeing a potential rebound toward the mid-Bollinger Band, any upward movement is likely to face strong resistance in the short term. Negative sentiment and growing mistrust in the Across Protocol team continue to weigh heavily on the token’s outlook.
