OKX seizes 2M USDT linked to market manipulation

In keeping with a press launch printed by cryptocurrency trade OKX on Feb. 28, the agency mentioned that it seized 2,014,381 (USDT) from 5 accounts suspected of partaking in “malicious market manipulation,” of the Celestial (CELT) token. As instructed by OKX, on Feb. 26, Celestial builders introduced the creation of a brand new blockchain sport. Shortly afterwards, the Celestial builders allegedly launched a social media marketing campaign selling the brand new sport 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% prior to now 24 hours to $0.002129 on the time of publication.

In response to consumer allegations of insider buying and selling, OKX defined that the trade, via its subsidiary OKX Ventures, invested $100,000 into the Celestial GameFi challenge in Sept. 2021. Nevertheless, the trade said that the CELT tokens it obtained had been deposited into OKX Ventures’ accounts “with none transactions,” and “no proof” of insider buying and selling involving OKX employees was discovered as per its investigation.

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