• OKX has seized 2,014,381 Tether USDT from five accounts suspected of market manipulation.
• The exchange plans to allocate over $3 million in restitution for affected users.
• OKX Ventures had previously invested $100,000 into the Celestial GameFi project in September 2021 but denies any insider trading allegations.
OKX Seizes 2M USDT
OKX has seized 2,014,381 Tether USDT from five accounts suspected of partaking in “malicious market manipulation” of the Celestial (CELT) token.
Restitution Plan
The exchange plans to allocate over 3 million USDT for an airdrop to eligible users who suffered losses due to the market manipulation.
Investment Into Celestial GameFi
OKX Ventures had previously invested $100,000 into the Celestial GameFi project in September 2021 but denies any insider trading allegations involving its staff.
Promotional Campaign
Shortly after the announcement of a new blockchain game by the Celestial developers, a promotional campaign using OKX’s branding was launched without authorization. As a result, the CELT token nearly doubled in value within two days and then fell over 50% within 24 hours.
Eligible Users Affected
OKX is offering restitution for eligible users who suffered losses due to the market manipulation and will be allocating over 3 million USDT for an airdrop accordingly.