OX.FUN: Jefe Deposits 1 Million USDC for Oracle Manipulation Attack, Violating Terms of Service

BlockBeats News, February 24th, OX.FUN responded in a social media post, stating that Jefe, who had previously deposited 1 million USDC into the platform, conducted an Oracle Manipulation Attack.

The user made their initial deposit of 1 million USDC on February 14, 2025, at 05:38:43. Subsequently, from February 14, 2025, 05:46:56, to February 14, 2025, 05:57:06, they began a massive sell-off of JAILSTOOL.

They placed a limit order for over $600,000 at 0.048 and then another order at 0.045, while the fair market price at the time was 0.05. They traded a total of over $300,000 and drove the market down to below 0.04 until February 14, 2025, 06:00:00, after which they swiftly closed their position near 0.034. This action blatantly violated OX.FUN's terms of service, harming the interests of other OX.FUN users, leading to the freezing of their funds.

Jefe is currently attempting to pressure the platform via social media to access their ill-gotten gains, but these tactics will not succeed. The platform has reached out to Jefe with a proposal to remedy the social media harm, which he has rejected.