Raccoon Network is a metaverse project. Freedom Protocol invested in the project in late June, and announced they would be working together. Freedom Protocol is a defi project that advertises an 183,394.2% APY "compounded by scientific calculations".
20.8 million BUSD, a dollar-pegged stablecoin on BNB Chain, was transferred from Raccoon Network and the Freedom Protocol on July 19. Security firm PeckShield identified the incident as a scam perpetrated by the people running the projects, although Raccoon Network has tried to claim the transfers were the result of a hack.