$DEXE has crashed 96.8% in just 11 days... and the on-chain trail raises some interesting questions.
Here's the timeline👇
July 12: #DEXE/USDT hit an all-time high of $49.43.
July 13: The sell-off began.
July 21: DEXE suffered its biggest single-day collapse, plunging 88% from $46.93 to $5.65.
Today: The token is down 96.8%, trading around $1.56.
Looking at the on-chain data, most of the large transfers came from centralized exchange hot wallets, which isn't unusual.
One address stood out: Ceffu.Since July 13, Ceffu has transferred a total of 797,917 DEXE (worth about $6.15M at the time of transfer) to Binance across six transactions. It was the only non-exchange entity that moved more than $1 million worth of DEXE on-chain during the crash.
What's interesting is how Ceffu's MirrorX custody model works. Assets held in custody can have a 1:1 mirrored trading position on an exchange, with the on-chain transfer happening later as settlement. If someone used that mechanism to aggressively sell DEXE before the on-chain settlements appeared, the effective selling pressure could have been much larger.
At DEXE's pre-crash prices, those 797,917 DEXE would have been worth roughly $39.4M more than enough to put significant pressure on the market.
So who was behind the selling? The DEXE team is an obvious possibility, but publicly available wallet information doesn't show evidence that the team custodied its tokens through Ceffu. Most team-held tokens appear to remain in DAO treasuries and vesting contracts.
Another possible connection comes from Falcon Finance, which has supported DEXE as collateral and uses Ceffu as one of its custodians. DWF Labs is also listed as a partner, making the relationship noteworthy, but there is no on-chain proof that DWF Labs was responsible for the selling.
At this stage, the available on-chain data only shows an unusual flow of DEXE through Ceffu. Whether that reflects activity by DWF Labs, Falcon Finance, the project team, a market maker, or another participant remains unconfirmed.
Here's the timeline👇
July 12: #DEXE/USDT hit an all-time high of $49.43.
July 13: The sell-off began.
July 21: DEXE suffered its biggest single-day collapse, plunging 88% from $46.93 to $5.65.
Today: The token is down 96.8%, trading around $1.56.
Looking at the on-chain data, most of the large transfers came from centralized exchange hot wallets, which isn't unusual.
One address stood out: Ceffu.Since July 13, Ceffu has transferred a total of 797,917 DEXE (worth about $6.15M at the time of transfer) to Binance across six transactions. It was the only non-exchange entity that moved more than $1 million worth of DEXE on-chain during the crash.
What's interesting is how Ceffu's MirrorX custody model works. Assets held in custody can have a 1:1 mirrored trading position on an exchange, with the on-chain transfer happening later as settlement. If someone used that mechanism to aggressively sell DEXE before the on-chain settlements appeared, the effective selling pressure could have been much larger.
At DEXE's pre-crash prices, those 797,917 DEXE would have been worth roughly $39.4M more than enough to put significant pressure on the market.
So who was behind the selling? The DEXE team is an obvious possibility, but publicly available wallet information doesn't show evidence that the team custodied its tokens through Ceffu. Most team-held tokens appear to remain in DAO treasuries and vesting contracts.
Another possible connection comes from Falcon Finance, which has supported DEXE as collateral and uses Ceffu as one of its custodians. DWF Labs is also listed as a partner, making the relationship noteworthy, but there is no on-chain proof that DWF Labs was responsible for the selling.
At this stage, the available on-chain data only shows an unusual flow of DEXE through Ceffu. Whether that reflects activity by DWF Labs, Falcon Finance, the project team, a market maker, or another participant remains unconfirmed.