Across Protocol Token Plummets 10% Amid $23M Treasury Misappropriation Scandal

The Ethereum-based cross-chain bridge protocol Across Protocol faces explosive allegations of treasury mismanagement, with its native token ACX dropping sharply following claims of $23 million in misappropriated funds. Web3 advisor Ogle alleges the team manipulated governance votes to funnel 150 million tokens to their private company, Risk Labs.

Market reaction was immediate, with ACX losing 10% of its value as the crypto community digested accusations of governance manipulation. The alleged scheme involved bypassing the DAO's democratic processes under the guise of strategic investments and retroactive funding.

This controversy emerges during a sensitive period for cross-chain protocols, as the industry faces heightened scrutiny following several high-profile bridge exploits. The allegations, if proven, could undermine confidence in DAO governance models that have become fundamental to DeFi ecosystems.