A newly launched project on the BNB Chain called OracleBNB has reportedly been rug-pulled and wiped out investor funds, blockchain security firm PeckShield confirmed.
According to the crypto security monitoring platform, all social media accounts associated with OracleBNB had been deleted shortly after trading activity collapsed early Friday morning. Reports from Binance Square also stated that the project’s Telegram group was banned, leaving over 1,400 victims unable to contact the team.
OracleBNB token had soared over 1,280% before collapse
A verified OracleBNB account on X had posted an announcement introducing the ORACLE token early Friday morning. The post described the project as a blockchain-based prediction market that would allow users to “trade beliefs, bet on real-world outcomes, and settle instantly on BNB Chain.”
Within hours of the post, trading data from DEXTools.io showed that ORACLE’s price surged by over 1,200% after launch, reaching an intraday high of $0.003266. However, the price collapsed minutes later, plummeting more than 95% from its peak.
According to a screenshot of the tokens dashboard shared by PeckShield, at around 3:41 PM Chinese time, the token was trading around $0.0001459, shedding almost all the profits investors had garnered.
A Binance Square creator known as AB Kuai Dong said on Telegram that OracleBNB had initially claimed to be a partner of Four Meme, the BNB Chain memecoin launchpad. However, Dong shared a message from the Four Meme team denying any connection to the project.
“This Twitter account suddenly became active on social media, claiming to be building a BNB Chain prediction platform,” Dong wrote. “It was originally said to be doing a product beta test, but in the afternoon it suddenly announced a collaboration with Four Meme and that it’s going to issue a token.”
Dong explained that the OracleBNB Telegram group had 1,431 members before it was banned. He said the account appeared to be an old, reputable one that had been sold and repurposed by a coin-issuing group, then rebranded as a new project allegedly “incubated by Binance.”
In private messages shared by Dong, several investors had reported losing significant amounts after buying the token immediately following its announcement. One Ukrainian blogger reportedly lost over $5,000, though he avoided losing $9,960 when a Binance wallet error prevented his transaction from processing.
BNB memecoin market is on a bloodbath
The OracleBNB rug pull comes on the backdrop of a collapse in the BNB Chain memecoin market, where numerous tokens have lost as much as 90% of their value in the last 24 hours.
BNB-based meme coins such as PALU surged more than 1,600% after receiving attention from Binance founder Changpeng “CZ” Zhao, while Binance’s market capitalization hit $500 million earlier this week. Another token, simply called “4”, gained over 600 times its value within this business week.
However, most of these tokens have crashed by a minimum of 90% within the last day. Blockchain analytics firm Lookonchain also revealed that a BNB whale using the address “0x2fcf” withdrew 5,090 BNB worth about $6.65 million from Binance on Thursday to purchase several meme coins shortly before the market collapse.
According to Lookonchain’s report, the whale spent 3,475 BNB, or roughly $4.54 million, on tokens a bunch tokens, all of which are now trading at significant losses and have made the trader lose nearly $1.2 million in total.
The whale had invested 2,555 BNB ($3.33 million) into Binance Life, which is now down by $439,000, and 760 BNB ($993,000) into Customer Service Xiao He, losing around $700,000. Another 105 BNB ($137,000) went into PUP, which has dropped $47,000, while 55 BNB ($67,000) were used to buy Hakimi, now down $5,000.
The meltdown also affected the Four Meme launch platform, which went offline for more than 30 minutes during the day. Users were unable to create new tokens, upload logos, or perform migrations as heavy traffic from traders “rushing to issue coins” caused the platform to crash, according to Binance Square updates.
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