DEXE plunges from $49 peak to $1.5 as Ceffu-linked transfers near 800,000 tokens to Binance since February
DEXE has fallen from a high of $49 to $1.5, a 97% drop, with the main selloff concentrated around July 22. On-chain data show that addresses tagged as Ceffu have transferred nearly 800,000 DEXE to Binance since February, with the largest single transfer occurring around the day of the plunge. DEXE is used as collateral in the Falcon Finance protocol, while Falcon’s assets are held by third-party custodians including Ceffu, which uses a MirrorX mechanism that can create 1:1 tradable mapped positions before the underlying assets move on-chain. The timing mismatch between mapped trading and later settlement coincided with heavy selling, amplifying panic and cascading liquidations.