The exchange, OKX, has related frozen assets and will provide qualifying users who sustained losses an airdrop worth over 3 million USDT.
The cryptocurrency exchange OKX claimed in a press statement on February 28 that it had seized 2,014,381 Tether (USDT) from five accounts believed to have participated in “malicious market manipulation” of the Celestial (CELT) token.
According to OKX, Celestial creators declared the birth of a new blockchain game on February 26. Soon after, the Celestial developers launched an unlawful social media marketing effort for the new game using OKX’s branding.
The CELT token’s value somewhat increased as a result of the actions within two days before dropping more than 50% in the most recent 24 hours to $0.002129 at the time of publication.
In response to user accusations of insider trading, OKX clarified that in September 2021, the exchange contributed $100,000 through its subsidiary OKX Ventures into the Celestial GameFi project.
However, the exchange said that “no proof” of insider trading involving OKX staff was discovered during their inquiry and that the CELT tokens it received were transferred into OKX Ventures’ accounts “without any transactions.”
However, the exchange stated They would repay 1.3 million USDT connected to such actions that have since departed the exchange and froze 714,381 USDT from five accounts accused of manipulating the market.
According to OKX, the company will set aside 1 million USDT and add 2,014,381 USDT that were recovered through seizure for a total of 3,014,381 USDT in restitution that would be airdropped to impacted users.
Customers that purchased CELT tokens between February 25, 12 AM Hong Kong Time (HKT), and February 28, 12 AM HKT, and sustained losses are eligible for the airdrop. The exchange claims it will disseminate information on the Airdrop within the following 48 hours due to the complexity of the Airdrop.
