According to a press release published by cryptocurrency exchange OKX on February 28 the firm that it seized 2,014,381 Tether (USDT) from five accounts suspected of partaking in ‘malicious market manipulation’ of the Celestial (CELT) token. As told by him, on February 26, Celestial developers announced the creation of a new blockchain game.
Shortly afterward the Celestial developers allegedly launched a social media campaign promoting the new game using OKX’s branding, which the firm says was unauthorized. As a partial result of the activities, the CELT token nearly doubled in value within two days time before falling over 50% in the past 24 hours to $0.002129 at the time of publication.
In response to the user’s allegation of insider trading, he explained that the exchange, through its subsidiary taken Ventures, invested $100,00 into the Celestial GameFi projects in September 2021. However, the exchange stated that the CELT tokens it received were deposited into the Ventures’ account ‘ without any transaction’ and no evidence of insider trading involving his staff was found as per its investigation.
Cryptocurrency Manipulated The Market With OKX Broker Image, Understand How
As it turns out, OKX ventures, the venture capital arm of the breakage firm, invested in GameFi in September 2021. Contributing $100,000 to the project. That is, it was indeed an investor in the project, but otherwise, according to the brokerage, there is no other relationship. However, the NFT game promised to launch a game in partnership with the famous trading platform, which attracted investors to its ecosystem.
When he invested in the Celestial cryptocurrency, he received some tokens in return. Such tokens will be blocked without movement on the network and should not be unblocked for another year. Finally, he stated that it will provide USD 1 million to bolster victim restitution, amounting to more than USD 3 million.