The OracleBNB project on the BNB Chain has reportedly faced a sudden rug pull, leaving investors confused after the team closed all the network’s social media accounts.
According to blockchain security firm PeckShield, the incident appears to have happened recently. The token’s price spiked dramatically, likely due to coordinated buying, before crashing sharply, which is a clear sign of a pump-and-dump scheme.
According to Coingecko, OracleBNB’s token price rose by 1,280% in a single day before the drop. This sudden jump was likely caused by coordinated buying from some investors. Shortly after the surge, tokens were quickly sold off, causing the price to collapse. AThe slight consolidation toward the chart end is an indication that the market is trying to stabilize from the sudden spike.
Team Disappears, Investors Left in the Dark
Following the rug pull, the project’s team removed all official social media accounts, cutting off communication with token holders. The sudden disappearance has left many investors scrambling for answers, unsure of whether recovery is possible. At this time, no statements or clarifications have been issued by the OracleBNB team.
BNB Chain Hack Adds to Worries
At the same time, BNB Chain had its official X account hacked, but it has now been restored. On October 1, the platform posted, “We’re back! The team has regained full access of the @BNBCHAIN account.” The breach occurred through phishing attempts and the deployment of a malicious contract.
The attack led to the total loss of nearly $8,000 across various blockchain networks. One user is reported to have lost $6,500 alone, the largest reported loss. BNB Chain assured the members that all the victims will be refunded their money and that there are investigations under way to prevent future breaches.
The hackers used 10 different phishing links to trick people into sending funds to malicious contracts. BNB Chain said the breach is now fully fixed and no more losses are expected.
Also Read: Whale Shorts $420M BTC on Hyperliquid, Bets on Massive Dump
