All OracleBNB accounts on social media were deleted shortly after the token’s collapse on Friday morning. The crypto project’s Telegram group was also blocked, and more than 1,430 victims of the collapse were unable to contact the OracleBNB team, according to PeckShield analysts.
The creators of OracleBNB described their project as a blockchain-based prediction market that would allow participants to “trade their predictions, place bets on real-world outcomes, and execute transactions instantly on the BNB blockchain.” After the launch, the ORACLE token soared by more than 1,280%, reaching an intraday high of $0.003266. However, a few minutes later, the token’s price plummeted by 95% from its peak.
The creator of the Binance Square service, known as AB Kuai Dong, revealed that OracleBNB had announced a partnership with Four.Meme, a platform for launching meme tokens based on the BNB Chain. However, the Four.Meme team has denied any connection to the project.
The OracleBNB Telegram group was created a long time ago, but it was eventually sold and then repurposed as a cryptocurrency project allegedly “grown by the Binance exchange,” according to AB Kuai Dong. According to the creator of Binance Square, he has received several messages from investors who have suffered significant losses after purchasing the ORACLE token. An unnamed Ukrainian blogger lost more than $5,000, although his losses could have been $9,960 if it hadn’t been for an error in the Binance wallet that prevented the transaction from being processed.
In September, PeckShield suspected the withdrawal of liquidity from the decentralized financial platform HypervaultFi, which claimed to be a high-yield storage platform on Hyperliquid. The suspicion arose due to an abnormal outflow of funds worth $3.6 million.
