Not only refunding, OKX exchange also “pocketed” an extra 1 million USDT for investors who bought into CELT when this token was devalued.
The incident began on February 27, the price of CELT – the token of the GameFi Celestial project – suddenly had an unusually strong fluctuation, causing a lot of confusion for the community. As early as February 28, OKX immediately opened the following investigation and found 5 suspicious profitable accounts and immediately froze them. The total frozen assets is 714,381 USDT and some assets have been moved out of the exchange before.
The results of the investigation revealed that the token price was “manipulated” by the Celestial side itself. After many times of communication, the project party finally agreed to return 1.3 million USDT.
Plus the blockade amount, OKX will refund $2.01 million in total to victims who purchased CELT between 12:00:00 on February 25 and 12:00:00 on February 28 (Hong Kong time). Kong) and suffered a loss.
Not stopping there, the Seychelles-based exchange will contribute an additional 1 million USDT of its own to compensate investors for losses. Due to the complex nature of timing, specific airdrop rules will be announced by the platform within 48 hours.
The Celestial project side also posted a forum admitting that the incident was intentionally caused by internal employees linked to the external market maker, but “separated” that the project team did not participate but sought to return $ 2 million to the company. floor. However, the project team will accept any punishment from OKX and deeply apologize to those affected.
2. The project team did not participate in generating or disseminating any unfair statements by OKX or its affiliates such as “OKX Son” and others.
— Celestial (@GameCelt) February 28, 2023
Notably, this is the first rare time a project has admitted to manipulating the market and also returned the assets to the victims.
Answering the question of OKX having any connection with Celestial, the exchange clarified that OKX Ventures invested in CELT 100,000 USD in September 2021 and unlocked the token after 1 year. Since then, the floor has not had any contact with the project party anymore.
By contributing its own fund, OKX is enhancing its public image with its transparency and generosity. Exchanges recently announced Proof-of-Reverseshowing holdings of $8.6 billion in assets, or 100% clean reserve.
Synthetic Kyptos
