Sahara AI’s SAHARA token crashed by roughly 60% on June 9, triggering over $23 million in liquidations.
This recent event has definitely got me and a lot of other crypto investors talking. It’s especially concerning because it happened so close to the Humanity protocol hack, which was a disaster – they lost around $30 million and their token, H, basically crashed, losing almost 90% of its value. Seeing these things happen back-to-back makes you really think about security in this space.
What the Team Said, And What On-Chain Data Shows
After SAHARA suddenly plunged from around $0.034 to $0.014, per CoinGecko data, the team put out a post on X saying they were “aware of unusual market volatility” and that they had found no security issues in the platform’s token contracts or products. Further, they said they would provide more updates as additional information becomes available following an internal investigation.
Following questions from the crypto community about a large transfer of 600 million SAHARA tokens and its potential impact on the price, the development team clarified that the transfer was a scheduled event. It was done to fund their new cross-chain bridge using a Chainlink CCIP contract and ensure there was enough liquidity for users.
They also emphasized that the funds allocated to the team and investors haven’t been altered on the blockchain, and that no tokens belonging to them have been sold or transferred.
The team shared a link to an Etherscan address, allowing anyone to confirm their statements. They also clarified that they are continuing to investigate what caused the market change, independent of the bridge transfer.
It remains to be seen if that explanation will satisfy the crypto community. CoinGlass data reveals that over the past 12 hours, $22.9 million worth of long positions (bets that the price would increase) were closed due to losses, compared to just $354,000 in short positions. This indicates that most of the financial losses were experienced by those who predicted a price increase.
Sahara Down 90% From its Peak
The SAHARA token was listed on Binance in June 2025 and briefly reached a peak value of $0.1605 the next month. However, currently, its price is almost 90% lower than that peak. It has also dropped over 50% in the last week and nearly 54% in the past month.
The misfortune that hit it happened just a week after EDGE, the native token of the edgeX decentralized exchange, suddenly dropped by 71% and hit a new all-time low. And just like the Sahara team has done, the people behind edgeX also denied any security breach and, in their case, pointed to external manipulation, a claim that on-chain investigator ZachXBT publicly disputed.
A later report from edgeX indicated that several exchanges listing the EDGE token attributed its price drop to low trading volume, rather than significant selling by the project team.
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2026-06-09 23:04