Across Protocol Token Plunges Over 12% Amid $23M Misappropriation Allegations

ACX, the native token of Across Protocol, has plunged over 12% in the last 24 hours, currently trading at $0.1338. The notable decline follows allegations of misappropriation involving $23 million in decentralized autonomous organization (DAO) funds.

Details of the Allegations

In an X post, the pseudonymous founder of the Layer 1 project Glue and advisor to World Liberty Financial brought forth accusations against the Across Protocol team.

TLDR: Across Protocol/Bridge ($ACX) team used secret votes to extract ~$23m from the Across DAO’s treasury for their own private company’s benefit.

Background: I’ve many times posted about DAOs that are DAOs “in name only” – that is, organizations that pretend to be run by “the…

— ogle | glue.net (@cryptogle) June 26, 2025

Ogle claimed key members, including project lead Kevin Chan and CEO Hart Lambur, orchestrated two covert proposals. This resulted in the transfer of 150 million ACX tokens, valued at approximately $23 million, to Risk Labs, a firm closely associated with the project’s leadership.

The first proposal, passed in October 2023, allocated 100 million ACX tokens under the guise of supporting future development. The team assured that these tokens would remain unsold for a period of two years. Contrary to these claims, Risk Labs allegedly began selling token option agreements to external investors shortly thereafter.

Months later, another proposal surfaced granting an additional 50 million ACX tokens worth $7.5 million, then to “retroactive funding”. This proposal was reportedly passed due to votes from insider-controlled wallets, raising concerns about the integrity of the DAO’s governance.

Furthermore, Ogle expressed deep concern regarding the protocol’s action, arguing that it runs counter to DAO governance principles. He highlighted that it creates significant selling pressure. This is detrimental to ACX holders who are unaware of the conflicts of interest behind these decisions.

Across Co-founder Response

In the wake of these accusations, Across Protocol co-founder Hart Lambur took to X to defend against the misappropriation allegations. He asserted that the claims are “categorically untrue” and vowed to vigorously defend the protocol and its team.

“In no way has the Across team “extracted” value from the DAO. That is so insane it’s hard to even respond to. I’ve been building in this space for 6 years. Me and my team are some of the few long term builders that do things the right way. It’s frustrating when an anonymous troll attacks us with complete untruths and totally false accusations,” he added.

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