DEXE collapsed 96.8% in 11 days, then staged a roughly 100% rebound off its low — and an on-chain analyst still cannot say for certain what triggered the sell-off. Attention has centered on custody platform Ceffu and its ties to DWF Labs and Falcon Finance, though no evidence yet proves who was responsible.
DEXE lost 96.8% in 11 days, sliding from a record high near $49.43 to $1.56. The token then rebounded about 100% off a low around $1.86. The recovery has done little to answer the central question for this altcoin: what triggered the collapse.
An analyst traces the collapse
On-chain analyst Ai Yi found that DEXE hit an all-time high of $49.432 on July 12, with the decline starting the next day. The steepest single-day move came on July 21, when the token fell as much as 88% from $46.93 to $5.648 within one trading day.
Most of the large transfers during the drop came from centralized exchange hot wallets. Ceffu stood out as the only entity outside exchanges that moved more than $1 million worth of DEXE, which drew the analyst’s attention.
Mirrored positions and unanswered questions
Since July 13, Ceffu has transferred 797,917.24 DEXE to Binance across six transactions, worth a combined $6.15 million at the time. Ai Yi focused on Ceffu’s MirrorX service, which lets institutional clients trade on exchanges while their assets stay in custody, with the on-chain transfer settled later.
Because trading can happen before tokens visibly move, the analyst estimated the position could have carried an effective value near $39.44 million if it was set up before the price began falling. Yet Ai Yi described this as a possible explanation, not proof that the tokens were sold ahead of settlement.
DWF Labs draws scrutiny, but nothing is proven
Falcon Finance had supported DEXE as collateral and used Ceffu among its custody institutions, while Ai Yi also identified links between Falcon and DWF Labs. Both DWF Labs and Falcon appear on DEXE’s partner list.
Still, no evidence proves that DWF Labs, Falcon, Ceffu, or the DEXE team caused the crash. Coinpedia noted the account remains community speculation, as the DEXE team has issued no official clarification.
The rebound now faces a test at the $6.0-$7.3 range, the first major resistance zone. A sustained break above it would improve the odds of a broader recovery toward the $15 area.
Sources: crypto.news, Coinpedia
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