BNB Chain Project OracleBNB Pulls the Rug on Investors
The crypto world is reeling from another scam. OracleBNB, a project on BNB Chain, has disappeared, leaving investors in the lurch. The project’s social media vanished, and around 34 BNB was drained.
This incident highlights the risks in the BNB Chain memecoin boom. Daily decentralized exchange (DEX) volumes have hit over $6 billion, with Four.Meme’s revenue topping $1.4 million. Though, this surge has attracted both legitimate and fraudulent projects.
PeckShield,a blockchain security firm,first flagged OracleBNB. The project’s token price plummeted by over 95% after a sudden sell-off. This pattern is typical of exit scams.
OracleBNB claimed to be a predictions platform and even used an association with Binance founder Changpeng Zhao (CZ) to gain credibility. However, it was later revealed that the project had renamed a KOL account followed by CZ, falsely posing as verified.
OracleBNB also falsely announced a collaboration with Four.Meme, which was quickly debunked. This scam underscores the need for investors to be cautious in the memecoin space.
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