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Esri has discovered a critical issue where users are unable to create new feature classes or modify their existing schema after upgrading Oracle geodatabases to 10.2.1 or the 10.1 SP1 QIP. New 10.2.1 geodatabases are not impacted. See Knowledge Base Article ID 42335 for additional details.
At ArcGIS 10.0, the GDB_Items table’s spatial column was created with an internal SRID of 0. Geodatabases created at 10.1 and later releases use SRID 4326 for the GDB_Items’ spatial column. A change was implemented in ArcGIS 10.2.1 and ArcGIS 10.1 QIP that attempts to insert or update GDB_Items table records using SRID 4326. This change is causing operations that insert or update records in the GDB_Items table to fail if the table’s SRID is 0.
Esri is currently working on a fix that addresses this problem, to be released at a general Runtime 10.2.3 release. Users are advised not to use the 10.2.2 Local Server to connect to Oracle geodatabases.