A war of words has erupted on social media platform X, as JefeDAO accused the crypto exchange OX Fun of being a scam. The accusation began from claims that OX Fun demanded ‘free promotion’ in exchange for returning stolen funds.
JefeDAO vs OX Fun: A Series of Allegations
.@nicodotfun the founder of @OXFUNHQ DMd us saying the only way to get the $1m USDC that they stole back is to give them free promotion for 5 months
I literally know this is 100% fraud just based on the fact that it is highly unusual and suspicious for an exchange to request… pic.twitter.com/dNyIpBjMJA
— jefeDAO (@thejefedao) February 23, 2025
According to JefeDAO, the founder of OX Fun contacted them on social media, stating that the only way to recover $1 million USDC, allegedly taken from them, was by promoting the exchange for five months. JefeDAO labeled this demand as ‘extortion’ and accused OX Fun of clear fraud, pointing to the unusual nature of the request.
In response, OX Fun denied the allegations, stating that no user funds were impacted, except for JefeDAO’s, whose assets were frozen. The exchange claimed that JefeDAO violated its terms of service by aggressively selling a token to manipulate its market price, leading to the freezing of their funds. OX Fun further stated that it had made an offer to resolve the situation with JefeDAO, which was rejected.
OX Fun continued to justify its position and emphasized its commitment to protecting users by providing a trusted platform for cryptocurrency trading.
Amid the growing controversy, several crypto users have expressed their doubts about OX Fun. JefeDAO shared messages from multiple users who had similar complaints against the exchange.
One user, @trading_axe, claimed that OX Fun is facing rapid disassociation from affiliates and customers, with its financial situation reportedly in turmoil. The user added that OX Fun’s leadership is under intense pressure, considering various responses, including suing, fabricating a story about their platform being exploited, or paying people to post positive content. @trading_axe warned, “Things are getting from bad to worse. I wouldn’t have any money on ‘OX Scam’ because they’re on the brink of deleting their website!”
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