The price of the DEXE token collapsed from its peak of $49.43 down to $1.56 in just 11 days. This 96.8 percent crash triggered an on-chain investigation, where an institutional custody platform emerged as the largest fund mover outside open exchange oversight.
Tracking data from on-chain analyst Ai Yi shows that Ceffu transferred 797,917 DEXE to Binance across six separate transactions starting July 13, 2026. When this sequence of transactions appeared on blockchain radar, their total value stood at $6.15 million. However, tracing back to before the token price collapsed, the estimated effective value of these assets reached $39.44 million.
Ceffu’s activity immediately stood out compared to other network traffic. The custody platform was the only off-exchange entity recorded moving DEXE worth more than $1 million.
Sell Positions Before Tokens Moved
The most critical aspect of these findings lies not in where the tokens went, but in the offloading mechanism itself. Ceffu provides a service called MirrorX. This facility allows crypto assets to remain safely in Ceffu’s custody wallets while enabling their owners to freely open trading positions on exchanges.
Because on-chain transfer settlements occur later, an institutional entity can open sell positions on an exchange long before tokens are seen moving across the blockchain. This mechanism conceals the initial footprints from public observers.
Ai Yi noted that there is no evidence indicating the DEXE core team held their token allocation at Ceffu. The vast majority of the token supply directly tied to the project remains where it belongs, securely locked in the DAO treasury wallet and the team’s official vesting contracts.
Nonetheless, Ai Yi’s tracking uncovered a chain of connections among entities. DEXE is known to have a partnership with Falcon Finance, and Falcon Finance uses Ceffu for asset custody. At the same time, DWF Labs is also listed as one of DEXE’s partners.
A String of Similar Cases Throughout the Month
Despite these connections, Ai Yi’s conclusions remain purely speculative at this stage. There is no direct evidence linking DWF Labs, Falcon Finance, or the DEXE team to the continuous sell-off that drove the price into freefall.
This incident adds to a growing list of altcoins that suffered sudden price collapses in a short span. On July 3, the LAB token lost 60 percent of its value after crypto sleuth ZachXBT exposed allegations of insiders controlling 95 percent of the circulating supply. Going back to June 9, Humanity Protocol met a similar fate, with its price tumbling 80 percent following a private key leak.
Off-exchange custody solutions are designed to minimize the market impact of large fund movements. Yet for retail traders who rely on standard on-chain data for signals, this incident serves as a harsh reminder: the blockchain data visible today may simply be the final settlement of sell positions already executed elsewhere.
Reported by crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
