The ACX token of Across Protocol fell 10% to $0.1342 on June 27, 2025, following serious allegations of governance manipulation and insider trading within its decentralized autonomous organization (DAO). Accusers claim that core team members, including project lead Kevin Chan and CEO Hart Lambur, used undisclosed wallets to approve governance votes transferring around 150 million ACX tokens — worth approximately $23 million — to their private company, Risk Labs. The first vote in October 2023 authorized 100 million tokens for future development, with claims that these tokens would not be sold for two years. However, Risk Labs allegedly started selling token option agreements soon after receiving these tokens. A second vote granted 50 million additional tokens as retroactive funding, allegedly controlled through insider wallets.
Hart Lambur has strongly denied the accusations, calling them "categorically untrue" and defending that token grants were standard DAO practice. He emphasized the tokens were used for protocol development, including the launch of Across v3 and v4, hiring new team members with tokens vesting over four years.
Market reaction was swift with increased trading volume and a sharp price decline. ACX has dropped over 40% in the past month and currently trades 91% below its all-time high of $1.69 from December 2024. Technical indicators show bearish momentum: trading near the lower Bollinger Band, below the 20-day moving average, and an RSI approaching oversold territory at 31.27. Analysts warn that further declines could occur if ACX breaches the $0.13 support level. The controversy has shaken investor confidence and raised broader concerns about transparency and decentralization in DAO governance.