'Market manipulation' and 'insolvency' claimed as JefeDAO and OXFUN fight
The Su Zhu and Kyle Davies-backed crypto exchange OXFUN claims it has suffered an “oracle manipulation attack” at the hands of a user spreading “coordinated FUD” about insolvency. OXFUN accused JefeDAO of aggressively selling Dave Portnoy’s JAILSTOOL memecoin after depositing $1 million worth of USDC. It claims that JefeDAO pushed the market low and closed his short positions as low as 0.0034 during the “attack.” Good morning OXFUN. Over the past months, OXFUN has focused on becoming a premier and trusted exchange for users to trade assets. It is heartbreaking to see a group of bad actors attempt to profit off of illegal market manipulation and then proceed to attempt to tarnish… — OX.FUN (@OXFUNHQ) February 24, 2025 OXFUN’s post also received a community note that accused the exchange of extortion. Read more: Solana loses a third of its market cap — is memecoin season officially over? Today, OXFUN said, “This beh...