edgeX pays half of June 2 compensation now, delays remaining half in EDGE tokens until April 2027
edgeX has started distributing compensation to users hit by the June 2 EDGE collapse — but only half of the approved amounts are being paid out now. The derivatives platform says eligible users can claim 50% of their verified losses in USDC immediately via the edgeX rewards page. The remaining 50% will be paid in EDGE tokens during the first week of April 2027, with the token amount calculated using EDGE’s seven‑day average price at that time.
What to know
- Who’s covered: Users whose EDGE long positions were liquidated or stopped out on edgeX Perp V1 or V2 between 04:50 and 06:00 UTC+8 on June 2, and who submitted a claim via edgeX Discord and had realized losses verified.
- What’s covered: Confirmed realized losses from the affected orders. Trading fees, funding costs and unrealized profits are excluded.
- Limits: Each approved claimant can receive up to 100,000 USDC equivalent across both tranches.
- How the second tranche will be funded: The delayed EDGE tokens will come from the Ecosystem and Community Allocation. That allocation remains locked after the token generation event and begins vesting on March 31, 2027; the final EDGE amount depends on the token’s average price at distribution.
- Claim deadline: Users who haven’t registered must submit a Discord claim by June 9 at 14:00 UTC+8. edgeX gave a final 24‑hour grace period; late submissions will forfeit eligibility.
Incident recap and market fallout
edgeX says the crash was triggered when 174 addresses dumped large EDGE sell orders into a thin PancakeSwap pool in under a minute, initially knocking EDGE down roughly 23%. Selling then propagated across derivatives and centralized exchanges. The platform reported $140.66 million in combined sell volume on Binance, OKX, Bybit and its own perpetual markets between 05:00 and 06:00 UTC+8. A heavily long-biased market (long‑short ratio around 68.2%) intensified forced liquidations as prices tumbled.
Investigation and controversy
The incident has drawn scrutiny. Blockchain investigator ZachXBT criticized edgeX’s explanation and called for greater transparency, alleging insiders may control a large share of EDGE supply and urging disclosure of market makers and relevant agreements. edgeX denies team-linked selling, says preliminary checks by exchanges and liquidity providers found no evidence of the team offloading allocations, and has launched a 200,000 USDC bounty for information that identifies the wallets behind the initial selloff.
Takeaway
Eligible users get half their verified compensation now in USDC and must wait until April 2027 for the token-based second half, whose value will depend on EDGE market prices at that time. The platform’s handling of the event and the unanswered questions around the original sell pressure suggest the community and investigators will remain focused on transparency and accountability as the vesting date approaches.
Read more AI-generated news on: undefined/news
