In a world where crypto exchanges are as stable as a cat on a hot tin roof, we find ourselves peering into the curious case of OX.FUN. This hybrid perps crypto exchange, which is about as trustworthy as a three-legged dog in a race, is backed by the co-founders of the now-defunct Three Arrows Capital hedge fund. And guess what? It seems to be holding onto its own OX token like a squirrel hoarding acorns for winter. 🐿️
Now, OX.FUN, the gamified crypto derivatives exchange that lists Su Zhu (yes, that Su Zhu) as its advisor, is not taking these insolvency accusations lying down. In a post on X, they’ve accused NFT artist JefeDAO of launching a “social media campaign” that’s about as coordinated as a herd of cats. Apparently, JefeDAO is trying to stir up a “coordinated FUD” (Fear, Uncertainty, and Doubt) that would make even the most seasoned conspiracy theorist raise an eyebrow. 🙄
All withdrawals are processing normally. This is coordinated FUD.
No users were affected by the actions of JefeDAO aside from JefeDAO. He attempted to exploit the platform, got all of his funds frozen, and now is attempting a social media campaign.
Nico will put out a…
— OX.FUN (@OXFUNHQ) February 24, 2025
The whole kerfuffle kicked off when JefeDAO claimed that one of its members had deposited a whopping $1 million in USD Coin (USDC) into OX.FUN, only to find themselves unable to withdraw a single shiny coin. In a twist that would make a soap opera writer proud, OX.FUN’s founder, Nicolas Bayle, jumped onto X to declare that JefeDAO had engaged in an “oracle manipulation attack.” Apparently, this involved placing large limit orders below fair market prices and closing short positions at levels that would make a seasoned trader weep. 📉
But wait! JefeDAO wasn’t having any of it. The artist retorted that Bayle had offered to return the funds, but only if JefeDAO would promote OX.FUN’s social media accounts daily. Because nothing says “trustworthy exchange” like a little social media blackmail, right? 🤔
“I literally know this is 100% fraud just based on the fact that it is highly unusual and suspicious for an exchange to request the promotion of their social media accounts as a condition to return someone’s funds.”
— JefeDAO
Meanwhile, in a corner of the crypto universe, Coinbase’s head of product, Conor Grogan, suggested in an X thread that OX.FUN’s wallets are mostly filled with its own OX tokens. He added that if the platform were to process that pending $1 million USDC withdrawal, its USDC balance would plummet to around $1,000. Talk about a financial cliff dive! 🏊♂️
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2025-02-24 11:24