These are challenges that the crypto world claims to be overcoming through decentralization, community, and the like. More like a gilded cage if we’re being honest these days. We, the users and believers, are repeatedly told about the blockchain revolutionary potential and the opportunity to disintermediate power. This is often contradicted by the circumstances we encounter. ACX, the token of Across Protocol, dropped more than 10% in price after accusations of DAO manipulation and insider trading. $23 million. That's not pocket change. That’s actual dollars – our dollars, trapped in an inefficient system that was meant to be more efficient. When you care about the environment, it can feel like a punch in the gut.

Is Decentralization Just a Facade?

Think about it. We dump our hard-earned bucks into these initiatives, driven by the vision of a better, more just monetary future. Because we engage deeply in democracy and civil governance, and we have faith in the power of the many. Then we find out that the folks at the top could be in a different game altogether. It’s time for us to flip this game on its head and change the rules to swing the votes. It weaponizes the community’s trust as a means to undermine it.

These accusations against core team members Kevin Chan and Hart Lambur are extremely troubling. Undisclosed wallets, governance votes being manipulated, a $23 million transfer to Risk Labs (a company tied to the team). It smells like the worst centralized, opaque, unaccountable systems that crypto was designed to overcome! Remember Enron? Remember the 2008 financial crisis? The parallels are chilling. We wanted to see a fresh start, not a second helping of the same old Wall Street shenanigans. Instead, we received shiny technology that merely conceals the same problems.

Lambur has repeatedly defended the token grants as common practice, saying that the tokens were primarily intended for development and hiring. After redeeming the first 100 million ACX tokens, Risk Labs started selling token option agreements at a truly breathtaking pace. This blindingly fast pace of activity is deserving of some very serious questions. “Retroactive funding” of 50 million ACX awarded in Oct 2024. That smells like covering tracks. It’s similar to a corporate CEO awarding themselves a large bonus after their company releases news of unprecedented losses.

The Human Cost Of Crypto's Broken Promises

Beyond the price charts and technical indicators (bearish, by the way – trading near the lower Bollinger Band and RSI approaching oversold territory, analysts warn of further declines), there's a human story here. It’s the tale of everyday Americans who bet their dollars, their aspirations, on a venture they entrusted. Those who today believe they were sold out, let down and quite frankly, fucked over.

I've seen the comments online. Retirement savings human beings have been speaking out about how they’re going to lose their life savings. Many are scratching their heads and kicking themselves for believing in the “experts.” Many others are just devastated that the community they helped to grow is being torn asunder by corporate avarice. This isn’t only a financial thing; it’s an investment in a lost trust. This undermines the core of the crypto space.

Imagine you're one of those people. You deeply evangelized Across Protocol to all your early adopter friends and got them to buy in. Now, prepare to face the ugly truth that their dollars could be lost because of suspected insider monkey business. How do you explain that? How do you rebuild that trust?

The ACX token has dropped more than 40% in the last month and is down 91% from its all-time high. That’s not just a statistic—that’s a picture of dreams deferred.

Demand Transparency, Demand Accountability Now

This is not only an ACX issue, it’s a crypto issue. It's a symptom of a larger issue: the lack of transparency and accountability in many DAO governance structures. We, the community, must demand better. We need to hold these projects accountable. We must demand more transparency into where tokens are allocated, who decides how they are allocated, and who votes on policy changes.

We cannot allow greed and manipulation to be accepted practices in the crypto space. We know that these solutions are possible, and we owe it to ourselves, and the future of decentralized finance, to demand better. Let’s not waste this moment of outrage and make it a movement and a catalyst for positive change. Let’s ensure that ACX is a cautionary tale, not a harbinger of things to come.

  • Speak Up: Share this article. Talk about it on social media. Let the Across Protocol team know that you’re watching and that you demand answers.
  • Organize: Join or create community groups to discuss these issues and strategize ways to hold DAOs accountable.
  • Advocate for Change: Support initiatives that promote greater transparency and decentralization in crypto governance.
  • Do Your Research: Before investing in any crypto project, thoroughly research the team, the governance structure, and the tokenomics. Don't just blindly trust the hype.

We know these ideals of decentralization and community empowerment are worth fighting for, no matter the odds. It's time to fight.

The ideals of decentralization and community empowerment are worth fighting for. It's time to fight.