"Jefe's $1M USDC Oracle Manipulation Attack on OX.FUN"

OX.FUN, a decentralized exchange (DEX) platform, recently faced a significant incident involving a user known as "Jefe" who deposited 1 million USDC and subsequently engaged in an Oracle Manipulation Attack, violating the platform's terms of service.

On February 14, 2025, at 05:38:43, Jefe made an initial deposit of 1 million USDC onto the OX.FUN platform. Shortly after, between 05:46:56 and 05:57:06, Jefe began a massive sell-off of JAILSTOOL, a token listed on the platform. They placed limit orders for over $600,000 at 0.048 and another order at 0.045, while the fair market price was 0.05. In total, Jefe traded over $300,000, driving the market down to below 0.04 by 06:00:00. They then 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. As a result, the platform froze Jefe's funds. In response, Jefe has been attempting to pressure the platform via social media to access their ill-gotten gains. However, OX.FUN has reached out to Jefe with a proposal to remedy the social media harm, which he has rejected.

The incident has raised concerns about the security and integrity of decentralized exchange platforms. OX.FUN has since taken steps to enhance its security measures and prevent similar incidents in the future. The platform has also reminded users of the importance of adhering to the terms of service to maintain a fair and secure trading environment.