The token of the decentralized derivatives exchange Edgex, EDGE, plummeted by approximately 70% from 6:00 a.m. today, falling below the 0.4 dollar mark. EDGE is currently trading at 0.7556 dollars, showing some signs of recovery.

Regarding this sharp decline, Edgex released an official statement explaining that it was due to "market manipulation" rather than a protocol hack or security incident.

Edgex emphasized through its social media channel X (formerly Twitter), "This incident is unrelated to a hack, the exploitation of security vulnerabilities, or a security incident," adding, "According to our investigation, circumstances were captured indicating that certain forces intentionally attempted to manipulate the price of EDGE."

They continued, "We are actively conducting an investigation in cooperation with relevant exchanges and platforms to determine the exact cause of the plunge and to hold those responsible accountable."