OKX seizes 2M USDT linked to market manipulation

OKX has seized 2,014,381 Tether (USDT) from 5 accounts suspected of partaking in “malicious market manipulation” of the Celestial (CELT) token and plans $3 million in restitution for affected customers, the cryptocurrency alternate introduced on Feb. 28.

In keeping with OKX, Celestial builders on Feb. 26 introduced the creation of a brand new blockchain recreation. Shortly afterward, the Celestial builders allegedly launched a social media marketing campaign selling the brand new recreation utilizing OKX’s branding, which the agency says was unauthorized. As a partial results of the actions, the CELT token almost doubled in worth inside two days time, earlier than falling over 50% up to now 24 hours to $0.002129 on the time of publication. 

Responding to buyer allegations of insider buying and selling, OKX defined that the alternate’s subsidiary OKX Ventures invested $100,000 into the Celestial GameFi challenge in September 2021. Nonetheless, the alternate acknowledged that the CELT tokens it acquired have been deposited into OKX Ventures’ accounts “with none transactions,” and its investigation discovered “no proof” of insider buying and selling involving OKX workers.

However, the alternate froze 714,381 USDT from 5 accounts suspected of market manipulation and claimed Celestial would return 1.3 million USDT linked to such actions which have since left the alternate.

As outlined by OKX, the agency will allocate 1 million USDT, together with 2,014,381 USDT obtained by seizure, for a mixed restitution of three,014,381 USDT to be airdropped to affected customers. Customers are eligible for the airdrop in the event that they bought CELT tokens between 12 am Hong Kong time on Feb. 25 and 12 am Hong Kong time on Feb. 28 and suffered losses.

As a result of complexity of the airdrop, OKX mentioned it will publish particulars inside the subsequent 48 hours.

The CELT token noticed wild buying and selling classes earlier than and after the announcement of a brand new blockchain recreation. Supply: CoinMarketCap

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