EdgeX ($EDGE) Faces Rug Pull Warnings Amid Airdrop Controversy
Warnings circulated on social media about an imminent 'rug pull' involving the $EDGE token from EdgeX, warning of malicious activity post-acquisition.
Blockchain analytics firm Arkham reported EdgeX's actual circulating supply at 9.5% of its total. While the project nominally airdropped around $195 million, it later acknowledged 14% of the total supply was allocated to partners and liquidity providers. This distribution structure drew criticism, with community members noting a disproportionate allocation to team and insider wallets.
EdgeX clarified that 141,658,500 $EDGE tokens (14% of total supply) would be transferred to lockup wallets within two hours, utilizing an OpenZeppelin audited VestingWallet.
Community sentiment regarding the $EDGE token launch and distribution was notably negative, with posts registering sentiment scores as low as -98 and -76. Some users labeled EdgeX as 'awful scammers' for allegedly farming user volume and fees without adequate reward. One user highlighted personal trading volumes of $13 million (and a friend's $800 million) contrasting them with airdrop receipts of $5,000 and $15,000 respectively, illustrating perceived unfairness.
Despite these concerns, $EDGE has seen listings on major exchanges. Bitget launched $EDGE USDT Futures with up to 20x leverage and trading bot support. BitMart announced a primary listing for $EDGEX/USDT, with trading scheduled to commence on March 31, 2026, 21:30 JST.
LML Protocol Exploited for $950K; Token Crashes 99.6%
The LML protocol suffered an exploit, leading to the extraction of $950,000 in digital assets. Following the exploit, the $LML token plummeted by 99.6%.
The perpetrator moved to convert and obscure the stolen funds, first consolidating the illicitly obtained assets and exchanging them for 450.6 $ETH, which was then transferred to Tornado Cash to anonymize the transactions.
Kraken User Loses $18.2M in Social Engineering Heist
A Kraken user lost $18.2 million in a suspected social engineering scam. The stolen 8,662 $ETH were subsequently moved from Ethereum to Bitcoin.
The perpetrator utilized a SafePal wallet and THORChain for cross-chain bridging, converting 878 $ETH ($1.78M) into 26.5 $BTC in one transaction. The attack bypassed conventional safeguards, relying on user signatures for unauthorized transfers.
On-chain analysis of the theft addresses revealed a prolonged social engineering operation. These addresses had received $ETH from Kraken for over 35 days, with deposits varying from small amounts to 2,000 $ETH.
Lummis Hints CLARITY Act Deal; Cardano Founder Accuses Coinbase
Senator Cynthia Lummis indicated a CLARITY Act deal is nearing completion, calling the proposed CLARITY Act the “best thing” for decentralized finance (DeFi) in the United States. Lummis stated the Act aims to provide long-awaited legal certainty and a safe harbor for developers, validators, and node operators.
Cardano founder Charles Hoskinson accused Coinbase of obstructing the CLARITY Act. Hoskinson asserted Coinbase's opposition stems from its business model, not genuine DeFi concerns. He emphasized the CLARITY Act, stating it is “bigger than $XRP”.