OX.FUN Freezes Funds of User Involved in Oracle Manipulation

According to Foresight News, OX.FUN announced that all funds belonging to the user known as Jefe have been frozen due to his involvement in an oracle manipulation attack. The platform clarified that no other user funds were affected by this incident. Contrary to Jefe's claims of not engaging in any transactions, he conducted a series of trades that violated OX.FUN's terms of service. On February 14, 2025, at 5:38:43 (UTC+8), Jefe made an initial deposit of 1 million USDC. Shortly after, between 5:46:56 and 5:57:06, he began selling large amounts of JAILSTOOL, placing limit orders below the market price, with transactions exceeding $600,000. He continued to manipulate the market by placing additional limit orders when the price was at a reasonable level of 0.05, with trades over $300,000, and further drove the market down to below 0.04 by 6:00. He then closed his position at a low price of 0.034. OX.FUN stated that Jefe's actions were a clear violation of their terms of service and harmed the interests of other users on the platform, leading to the freezing of his funds. Despite Jefe's attempts to leverage social media pressure to reclaim his profits, OX.FUN has reached out to him, offering to mitigate some of the losses caused by the social media fallout, but Jefe declined the offer.