ACX (Across Protocol) fell 10.92% in the last 24 hours.

Gate News Bot news, June 27, according to CoinMarketCap data, as of the time of writing, ACX (Across Protocol) is currently priced at $0.14, down 10.92% in the last 24 hours, with a peak of $0.16 and a low of $0.13. The current market capitalization is approximately $60.1 million, a decrease of $7.364 million compared to yesterday.

Important news about ACX recently:

1️⃣ The Across Protocol team is suspected of manipulating the DAO voting controversy The Across Protocol team has been accused of manipulating DAO votes through privacy to extract approximately $23 million from the protocol's treasury for their private company, Risk Labs. In October 2023, project leader Kevin Chan proposed to transfer 100 million ACX tokens to Risk Labs, claiming it was for strategic investment. However, analyses have shown that team members used multiple wallets to participate in voting, creating a false impression of broad community support. This accusation has raised concerns about the transparency of Across Protocol's governance and the use of funds.

2️⃣ Across co-founder Hart Lambur responds to allegations of misappropriation of funds In response to allegations of fund misappropriation and voting manipulation, Across co-founder Hart Lambur made a statement. He indicated that Risk Labs is a non-profit foundation governed by Cayman law, and the funds are used for protocol development. Hart emphasized that his annual salary is only $100,000, and he has not received token rewards; the use of funds complies with DAO practices and has advanced the development of Across v3 and v4. Regarding the allegations of governance manipulation, Hart stated that team members are free to use their personally purchased tokens for voting, and the process is transparent.

3️⃣ ACX is about to undergo a large-scale token unlocking On June 30, the ACX network will release 100 million ACX tokens, accounting for 10% of the total supply. The unlocked tokens are worth approximately $14 million and will be used for strategic partnerships and financing activities. The scale of the unlock is equivalent to 22.6% of ACX's current market capitalization, which may exert some selling pressure on the short-term market.

The recent governance dispute and the upcoming large-scale token unlock may be the main factors leading to the recent fall in ACX prices. The market's trust in the Across Protocol team has been challenged, coupled with a potential increase in supply, which has made investor sentiment more cautious. However, if the team can effectively clarify the dispute and properly manage the upcoming token unlock, it may help alleviate market pressure.

This message is not investment advice; investors should be aware of market volatility risks.