Sahara AI’s SAHARA token crashed by roughly 60% on June 9, triggering over $23 million in liquidations.
The incident caused speculation across crypto markets, especially since it happened right around the time another protocol, Humanity, reported a breach that cost it $30 million and led to its native H token losing nearly 90% of its value.
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.
However, after some on-chain observers questioned a transfer of 600 million SAHARA tokens, suggesting it may have caused the unusual price movement, the team had to make a follow-up post explaining that the large token transfer was a pre-planned fill of a Chainlink CCIP bridge contract done to provide liquidity for its recently launched cross-chain bridge.
Just as importantly, they stated that team and investor wallet allocations had not been touched on-chain and that “no team and investor tokens have been sold or moved.”
The team also provided a link to an Etherscan address so that those interested could verify that what they were saying was true, adding that they were still investigating the actual cause of the market movement separately from the bridge transfer.
Whether that explanation holds up to community scrutiny is another question. Data from CoinGlass shows that in the last 12 hours, $22.9 million in long positions were liquidated against only $354,000 in shorts, meaning that the vast majority of losses fell on traders who had been betting on the price going up.
Sahara Down 90% From its Peak
The SAHARA token got listed on Binance in June 2025, and went on to hit an all-time high of $0.1605 the following month. But at the time of writing, it was trading almost 90% below that all-time high and was down over 50% in the last seven days and almost 54% over 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.
In a subsequent report, edgeX noted that some of the centralized exchanges where EDGE is listed blamed the token’s collapse partly on thin liquidity conditions and not large-scale selling by the team.
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