Shadow Exchange
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
anchored·3k8sTG…H7y8Summary
Shadow Exchange is a decentralized exchange (DEX) built on the Sonic blockchain, launched in 2024 by a pseudonymous developer known as "24dollars." It has grown into the largest DEX on Sonic by trading volume and generates significant protocol revenue, but is run by an anonymous team, is reportedly incorporated in Panama, and has limited public audit disclosure. No confirmed hack, lawsuit, or regulatory action against the project was found at the time of writing; the principal concerns identified relate to transparency and the steep decline of its SHADOW token from its all-time high.
Connected Entities
1 entityNo connected entities recorded yet — this investigation is not currently linked to any other page in the index.
Timeline(4 events)
November 2024
Shadow Exchange launched on the Sonic blockchain, led by pseudonymous developer '24dollars.'
Gate.com / Messari reportingFebruary 2025
SHADOW token listed on additional exchanges including BingX, CoinW, and LBank, coinciding with a reported spike in protocol TVL.
CoinMarketCap / listing trackersFebruary 2025
Press coverage described Shadow as 'the leading DEX on Sonic blockchain' around its CoinW listing.
Financial Content / press release syndicationDecision Log
- hash: 3dEzDdfjcgntxz5WYHB2emnBVUiFwrF9L8TmawVV3tRf
This investigation is cryptographically anchored to the Solana blockchain (1 event). 5 of 8 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 10/6/2026, 8:05:24 AM
last updated: 10/6/2026, 10:01:51 PM
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