The crypto exchange OX.FUN, backed by Three Arrows Capital co-founder Su Zhu, has issued a statement in response to rumors about bankruptcy and frozen assets amounting to $1 million USDC.
Dispelling Bankruptcy Rumors
OX.FUN has declared that reports of massive withdrawals and bankruptcy are ‘co-ordinated FUD.’ The exchange representatives confirmed that all withdrawals are proceeding normally.
Accusations Against JefeDAO
The exchange claims that a member of JefeDAO tried to exploit the system. JefeDAO allegedly promised social media promotion of OX.FUN in exchange for 1 million USDC.
Details of the JefeDAO Incident
OX.FUN accused JefeDAO of oracle manipulation. JefeDAO placed large limit orders below the fair price and sold the assets at a lower price. This allowed JefeDAO to liquidate short positions at a low price.
The rumors of OX.FUN's bankruptcy have been refuted by the platform itself. The exchange accused JefeDAO of manipulations and confirmed that the situation is under control.
