OKX, one of the leading cryptocurrency exchanges, recently announced that the CELT token project was manipulating the market causing large price fluctuations. After contacting OKX, the project party finally agreed to return 1.3 million US dollars.
In light of these developments, OKX froze and debited $2.01 million from five suspicious project accounts. In addition, the platform will donate 1 million USDT airdrops to users who suffered losses as compensation.
CELT/USDT Chart of OKX Exchange | Source: TradingView
After receiving inquiries from many users about the large price changes of CELT, OKX conducted a thorough investigation on the matter. The exchange has clarified that it does not have any strategic partnership with the CELT project. In addition, OKX Ventures invested $10,000 in the Gamefi project in September 2021, and this investment has been locked in the OKX Ventures account without any activity.
#OKX 1.3 million USDT recovered after communication $CELT token project @azcoinnews https://t.co/TrfZbGAjEM
— Kyptos (@azcoinnews) February 28, 2023
On February 26, the CELT project announced the launch of a new blockchain game. However, on February 27, multiple KOLs began promoting the project on social media platforms under the name “OKX Prodigy,” which is not authorized by OKX.
After investigation, OKX found 5 suspicious accounts, which were immediately frozen, with a total asset of 714,381 USDT. Some assets were transferred from the platform, but after contacting the CELT project party, $1.3 million was returned.
OKX reiterated that it found no evidence of insider involvement in market manipulation. However, the exchange welcomes users to provide evidence of any OKX employee involvement in the incident and will take stern action upon verification.
According to the terms of service of OKX users, malicious behaviors such as market manipulation are prohibited. The exchange will deduct the total balance of 2,014,381 USDT from the 5 suspicious accounts found in the process and launch an investigation. In addition, OKX will give away 1 million USDT from its own funds to users who purchase CELT from 12:00:00 Hong Kong time on February 25 (i.e. 11:00 Vietnam time) to February 28, and the total airdrop is 3,014,381 USDT. 12:00:00 HKT loss.
In conclusion, OKX assures users that it has no special relationship with any project other than OKB and OKT. The exchange has urged users to be cautious and be wary of false advertisements, as the digital asset market is volatile and investment risks are high. Due to the relatively complex calculation rules, data analysis will take some time, and the specific airdrop details will be announced within 48 hours.
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according to Kyptos