Decentralized derivatives exchange EdgeX has offered a massive bounty to find the attacker responsible for causing its token price to plummet by 71%.

Through its official X (formerly Twitter) account, EdgeX announced, "We will pay an on-chain bounty of 200,000 USDC to anyone who provides information that can identify the attacker who caused the 71% plunge in EDGE the previous day."

Regarding the incident, EdgeX assessed that "the sharp drop in EDGE the previous day was a deliberate and targeted attack." It also explained the attack method, stating, "The attacker combined on-chain DEX liquidity during low trading hours, high-leverage perpetual futures, and CEX liquidity to induce a sudden crash."

Meanwhile, suspicions of 'insider dumping' have also been raised within Telegram and X communities, as circumstances were captured showing EDGE tokens flowing into the exchange from the official EdgeX team address.