OKX Crypto Exchange Blocks Accounts Of CELT Token Market Manipulation Actors

JAKARTA - OKX, one of the leading crypto exchanges, has taken firm action against five accounts involved in the manipulation of the Celestial token market (CELT). CELT is the original token of the Celestial metaverse project, which recently announced the creation of a new blockchain game.

Celestial developers promote the game on social media using the OKX brand, causing the price of CELT to rise by nearly 200 percent. However, in the last 24 hours, the price of CELT has fallen by more than 50 percent. This raises accusations of insider trading.

Responding to these allegations, OKX denied having a business relationship with the Celestial and did not allow the promotion. OKX also conducted an investigation and managed to find suspicious accounts.

According to OKX, CELT is a Gamefi project invested by OKX Ventures in September 2021 with a total investment of 100,000 US dollars (Rp 1.5 billion). The relevant tokens will be opened within one year and locked on the OKX Ventures account without any surgery. In addition, OKX Ventures has no relationship with the project.

OKX has frozen 714,381 USDT held by these accounts and said that the Celestial project agreed to return 1.3 million Tether (USDT). The Seychelles-based company is also committed to returning the amount to affected users and allocating an additional 1 million USDT for replacement.

OKX said that it strictly prohibits illegal acts such as market manipulation and demands refunds to disadvantaged parties. OKX will also cut the balance of the five accounts of the perpetrators of CELT market manipulation.

"According to 4.15 of the OKX User Service Provisions, 'OKX strictly prohibits malicious acts such as market manipulation, and has the right to return illegal results from market manipulation to disadvantaged users. OKX will cut all balances of 2,014,381 USDT from 5 market manipulation accounts. In addition, OKX will also donate 1 million USDT from its own funds."

OKX is committed to distributing a total of 3,014,381 USDT to those who bought CELT tokens betweensama time on February 25 and 2012 on February 28, Hong Kong time lost. This is done as a form of social responsibility and to prevent a bad impact on users.