The decentralized exchange dYdX has found itself at the center of a major scandal following the final closure of the bridge for migrating ethDYDX tokens to its own dYdX Chain, which occurred on June 13, 2025. As a result, over 45,000 investors lost access to their assets amounting to more than $25 million.
This is reported by Business • Media
Bridge Closure and Community Reaction
The migration bridge allowed for the conversion of ethDYDX tokens into the new native DYDX; however, after its closure, users can no longer exchange or use these tokens on any decentralized (DEX) or centralized (CEX) exchanges. Now, any attempt to interact with the bridge will result in the permanent blocking of assets.
“More than 45,000 holders found themselves unable to exchange their tokens worth over $25 million. In my community, retail investors lost $230,000.”
The decision to close the bridge was made back in December 2024 as a result of a community vote, which approved the cessation of support for the wethDYDX smart contract. After a six-month transition period, support was officially terminated.
Market Consequences and Investor Actions
According to official data, at the time of the bridge’s closure, over 41.6 million ethDYDX tokens remained in circulation that had not been transferred to the new network. These tokens have lost their utility and are no longer counted in the total or circulating supply. Consequently, the total supply of DYDX has decreased to 958.3 million tokens, while the circulating supply has dropped to 750.2 million DYDX.
Some investors have accused the dYdX team of a “trap,” as not everyone was able to take advantage of the migration. Currently, the only hope for those affected remains participation in discussions on the dYdX governance forum, where a proposal has already been made to restore the migration capability for ERC-20 DYDX holders. Initiative groups have also emerged on Telegram to coordinate investor actions.
It is worth noting that in August 2024, the dYdX team announced the launch of dYdX Unlimited with new liquidity provision capabilities through the MegaVault platform.