My profile displays 499 posts edited, but still the newest badge is Copy Editor, which requires 500 edits.
A possible scenario is this:
- You perform your 500-th edit on some post.
- The badge is awarded.
- Some post you edited is deleted and the edit does not count anymore.
- Your badge does not get revoked, because badges are only revoked in exceptional circumstances.
To confirm this, you would need the privilege to see deleted posts (10 k) on the relevant site.