The crypto community has witnessed another rug pull after fraudulent project OracleBNB abruptly vanished, leaving investors searching for answers.
Summary
- OracleBNB on BNB Chain has been flagged for a rug pull after deleting its social media accounts and draining roughly 34 BNB in minutes.
- The incident comes amid a surge in BNB Chain memecoin activity, with daily DEX volumes surpassing $6 billion and revenue topping $1.4 million.
OracleBNB, a project built on BNB Chain, has reportedly executed a rug pull. The alarm was first raised by blockchain security firm PeckShield, which shared that the project vanished X, wiping all social activity.
The warning came after the project’s token plummeted sharply within hours of a major surge. Trading data shows the token fell over 95% following an abrupt sell-off, a pattern commonly associated with coordinated exit scams.
At the time of writing, the official X account associated with the project has gone offline, effectively erasing their print and leaving investors with losses. OracleBNB is estimated to have exited with around 34 BNB (BNB), worth roughly $43,000 at current prices.
What is OracleBNB?
The project had promoted itself as a legitimate predictions platform during its operations, with its X account even followed by Binance founder Changpeng Zhao (CZ). The account used this association to gain credibility before launching the token, leading investors to believe that it had insider support from Binance, which may have contributed to its rapid rise in its token’s visibility.
However, further industry research revealed that the project allegedly renamed a KOL account that was followed by CZ, falsely posing as a verified project.
Oracle had also announced a false collaboration with BNBChain memecoin launchpad Four.Meme, but the partnership was quickly dismissed after being identified as a fake account.
OracleBNB rugpull comes amid BNBChain memecoin boom
The rug pull comes amid a surge in memecoin trading activity on BNB Chain, which has recently recorded some of its strongest on-chain performance to date. Daily decentralized exchange (DEX) volumes have surpassed $6 billion, while Four.Meme’s 24-hour revenue recently topped $1.4 million, briefly overtaking Solana’s Pump.fun.
The wave of speculative trading has drawn both genuine and fraudulent projects, and the OracleBNB rugpull reflects a trend of fake projects exploiting retail enthusiasm.
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