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Token created by controversial figure jumps over 6,500% in just 7 days

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A little-known crypto asset in the crypto market is standing out from the rest and has already accumulated a high of 6,545% in a period of just 7 days. The token in question is BRG, from the Bridge Oracle platform.

On March 28, the token was trading around $0.001301. Then, on the 29th, it bounced to $0.09186. An appreciation, therefore, of more than 6,960% in just a few hours.

At the time of writing, the BRG token has retreated slightly to $0.08749.

Despite being in a good spot, the current price of BRG is still 82% below its all-time high of $0.482 reached in February 2021.

About the Oracle Bridge Platform

Launched in 2020, Bridge Oracle presents itself as the first public oracle system on the Tron network. With the platform, the Tron blockchain and its smart contracts can connect with applications in the physical world.

The platform’s native token is BRG, which is listed on exchanges such as PancakeSwap, KuCoin, BitMart, HitBTC, PoloniDEX, USwap, XT.COM, among others.

Controversy around the project

While its token is on the rise at the moment, it has been heavily impacted by the alleged arrest of the CEO of the Bridge Oracle platform last year.

Sina Estavi, the CEO of Bridge Oracle, was the one who bought the non-fungible token (NFT) from Twitter founder Jack Dorsey’s first tweet for $2.9 million in March 2021.

Two months later, as CoinDesk reported, Estavi was allegedly arrested by authorities in Iran. At the time, Iranian officials apparently “confiscated” Estavi’s Twitter account, posting:

“The owner of this media outlet was arrested on charges of disrupting the economic system, by order of the Special Court for Economic Crimes.”

Bridge Oracle is a Malaysia-based blockchain company. But Estavi’s other venture, the Cryptoland exchange, was operating in Iran at the time of the arrest.

Before that, in early 2021, Estavi was denounced by the former CEO of Mate Tokay accused Estavi of allegedly not paying him for his services.

In that lawsuit, it was stated that there was an inconsistency of about $525,000 in the supply of BRG tokens, offered by Bridge Oracle.

Today, Estavi is “on” on Twitter with over 135,000 followers. On the social network, he presents himself as “owner of the first tweet, ‌CEO at Bridge Oracle, supporter and holder of BRG”.

Is Bridge Oracle a scam?

In the CoinMarketCap chat, on the CoinMarketCap BRGmany users accuse the project of scam.

“BRG is Total Scam. Jumping from chain to chain. RUG Pull from the initial investor. And CEO Estavi is a proven scammer,” said user @sk_mizan_ri7sd9.

A second user stated: “BRG don’t look at this fake pump. Just a little Twitter search and you’ll see.”

“Buying it is just losing money,” wrote another user.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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