edgeX has completed the first part of its goodwill payment program for users affected by the June 2 EDGE crash.
Summary
- edgeX distributed half of approved compensation in USDC after June 2 EDGE liquidations hit users.
- Remaining payments will arrive in EDGE tokens during April 2027 using a seven-day TWAP calculation.
- Users must file Discord claims by June 9 or lose eligibility under the goodwill program.
The derivatives platform said approved users can now claim 50% of their verified compensation in USDC.
The remaining 50% will arrive in the first week of April 2027. edgeX plans to pay that portion in EDGE tokens using the token’s seven-day average price at distribution.
edgeX completes first USDC payment tranche
“The goodwill payments for eligible users affected by the June 2 incident have now been successfully distributed,” edgeX said. The program covers users whose EDGE long positions were liquidated or stopped out on edgeX Perp V1 or V2 between 04:50 and 06:00 UTC+8.
Compensation covers confirmed realized losses from the affected orders. Trading fees, funding costs and unrealized profits do not qualify. Each approved user can receive no more than 100,000 USDC equivalent across both payment tranches.
Moreover, eligible users received half of their approved amount in USDC through the edgeX rewards page. The second half will come in EDGE tokens during the first week of April 2027. edgeX will calculate the token amount using EDGE’s seven-day average price.
The delayed tokens come from the Ecosystem and Community Allocation, according to edgeX. That supply remains locked after the token generation event and starts vesting on March 31, 2027. The final token amount will depend on EDGE’s future average price.
June 2 crash triggered crowded long liquidations
As previously reported by crypto.news, edgeX said 174 addresses placed heavy EDGE sell orders into a thin PancakeSwap pool within one minute. The initial move cut the token’s price by about 23% before selling spread across derivatives and centralized exchanges.
edgeX reported $140.66 million in combined sell volume across Binance, OKX, Bybit and its perpetual markets between 05:00 and 06:00 UTC+8. Long positions were crowded, with the long-short ratio at 68.2%, helping trigger forced liquidations as prices fell.
ZachXBT questions edgeX’s account
“We investigated ourselves and did not find ourselves guilty,” blockchain investigator ZachXBT said while questioning edgeX’s explanation. He claimed insiders controlled most of the token supply and called for the platform to disclose its market makers and related agreements.
edgeX denied that its team sold token allocations during the crash. It said early reviews from exchanges and liquidity providers did not find team-linked selling. The platform also announced a 200,000 USDC bounty for information that could identify the wallets behind the initial selloff.
Users who have not registered must submit a Discord claim by June 9 at 14:00 UTC+8. edgeX offered a final 24-hour grace period but said late users would lose eligibility for the goodwill program.
