Across Protocol Faces $23M Misappropriation Allegations as ACX Token Sinks

The native token of Across Protocol, ACX, has dropped sharply amid serious allegations of insider misappropriation involving $23 million in DAO-controlled funds. The token is down 10% in the past 24 hours and over 40% in the past month, now trading at $0.1351— more than 91% below its December 2024 all-time high of $1.69.

Allegations of Insider Dealings

The accusations were made public on June 27 by “Ogle,” the pseudonymous founder of Layer 1 project Glue and advisor to World Liberty Financial. In a detailed thread on X, Ogle claimed that Across Protocol’s leadership, including project lead Kevin Chan and CEO Hart Lambur, orchestrated two governance proposals to transfer 150 million ACX tokens to their own company, Risk Labs.

The proposals allegedly passed under the appearance of community support, using undisclosed insider-controlled wallets to secure quorum and approval.

• The first proposal, passed in October 2023, granted 100 million ACX for “future development,” with a claim that tokens would not be sold for two years.
• Despite that, Risk Labs is accused of selling token option agreements to external investors soon after the vote.
• The second proposal, for “retroactive funding,” transferred an additional 50 million ACX. Ogle claims it only passed because of insider wallet participation.

Critics argue these actions breach DAO governance standards and have introduced major sell pressure to the token, catching retail investors off guard.

Co-Founder Of Across Responds

As of publication, Across Protocol has not issued a public statement addressing the allegations but the co-founder wrote an article on X refuting the claims made by Ogle.

TLDR Summary of the X article :

The author strongly refutes a recent post by an anonymous figure named Ogle, which made several serious allegations against them, their team, and the Across Protocol. They suggest the post may be a coordinated smear effort, possibly tied to rivals at LayerZero/Stargate, noting the immediate retweet by Stargate’s founder.