Recently, a Hyperliquid trader named aaalex posted on X questioning the decentralized trading platform edgeX, stating that there was no buzz on social media, and the open contracts were not high, yet there was over $5 billion in trading volume in the past 24 hours, second only to Hyperliquid. aaalex wrote in the tweet:
"The Asian wash trading group is currently inflating trading volume on edgeX, and the transaction volume is even higher than Aster, which is laughable. This is basically faking trading on two exchanges that nobody uses."
Unexpectedly, on-chain detective ZachXBT later commented under the tweet, further indicating that the Asian wash trading group behind it was related to MEXC, and may even be the mastermind who profited from manipulating the prices of Jelly Jelly / Zerebro on Hyperliquid in the past.
edgeX is linked to the MEXC cartel also is my working theory on who attacked HL via Jelly Jelly / Zerebro
— ZachXBT (@zachxbt) December 14, 2025
In response, KF.edge, the founder of edgeX, stated that the only institutional partner of edgeX since its establishment has been Amber Group, which has supported and incubated it from the beginning. They are completely unaware of the so-called 'MEXC wash trading group' and have no relationship with that group. KF.edge wrote:
As builders in the DeFi space, we have always been committed to providing friendly and professional services to build the community. We have never engaged in, nor considered, any form of hostile behavior against other protocols or users. If you need us to provide any information to assist your investigation or clarify the situation, please let us know, we are more than happy to help.
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