Decentralized derivatives exchange EdgeX (EDGE) has released an official statement regarding the roughly 70% crash that occurred starting at 6:00 a.m. on the 2nd.

EdgeX stated via its official X (formerly Twitter) account, "We are aware of the sudden and abnormal price fluctuation of the EDGE token, and we are actively investigating the cause." They added, "We plan to provide an update as soon as confirmed information can be made public, and we ask you to be cautious of unverified speculation."

Earlier, when the price of EDGE plummeted by nearly 70% within an hour, unverified rumors such as dumping by the EdgeX team and the closure of the business spread rapidly throughout the community.

EDGE, which had fallen below $0.4 at the time of this crash, has currently recovered some of its losses and is trading around $0.64.