Two Gnosis Safe multisig wallets tied to the DeXe project moved a combined $6.2 million worth of DEXE tokens to Binance on July 22, and within hours the token had lost roughly 85% of its value from the July 13 all-time high of $48.89. By the time the dust settled, DEXE was trading near $4 to $5. Trading volume surged close to 300% during the sell-off, a pattern that points to concentrated selling rather than a broad market downturn.
The on-chain trail is specific. The first Gnosis Safe moved 371,309 DEXE, worth about $3.9 million, into an intermediate wallet roughly 14 hours before the crash. That wallet then forwarded $3.68 million to a Binance hot wallet. The second safe followed the same routing: 253,690 DEXE, valued at approximately $2.66 million, with $2.51 million ultimately landing on Binance shortly after. Gnosis Safe multisigs are the standard structure for project treasuries, not retail wallets.
How DEXE went from $1.80 to $48 in five months
DEXE had been sitting quietly for years before July 9, when the instant-swap platform ChangeNOW listed it and brought in a fresh wave of attention. Within a day, the token broke out of a bullish pennant pattern on the chart. That breakout ran straight into a pile of short positions accumulated during the prior grind, and forced short covering added momentum to a rally that was already moving fast. By July 13, DEXE had printed $48.89, an 18-fold gain since February.
On-chain data at the time looked convincing. More than 160 new wallets were created in a single day, one of the largest spikes of the year. Whale transactions above $100,000 reached their fourth-highest daily count in 2026. Those are not the numbers of a token drifting higher on thin air.
DeXe Protocol itself builds no-code infrastructure for launching decentralized autonomous organizations, letting communities run treasuries and on-chain voting without writing custom smart contracts. The product is real. What traders are now questioning is who was on the other side of all that buying.
No hack or exploit has been identified. Crypto forums are calling it a rug pull. The DeXe team has not publicly explained the wallet movements as of the time of writing.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are volatile; always do your own research before making any investment decisions.
