OKX seizes 2M USDT linked to market manipulation

According to a property merchandise published by cryptocurrency speech OKX connected Feb. 28, the steadfast said that it seized 2,014,381 Tether (USDT) from 5 accounts suspected of partaking successful "malicious marketplace manipulation," of the Celestial (CELT) token. As told by OKX, connected Feb. 26, Celestial developers announced the instauration of a caller blockchain game. Shortly afterwards, the Celestial developers allegedly launched a societal media run promoting the caller crippled utilizing OKX's branding, which the steadfast says was unauthorized. As a partial effect of the activities, the CELT token astir doubled successful worth wrong 2 days' clip earlier falling implicit 50% successful the past 24 hours to $0.002129 astatine the clip of publication. 

In effect to idiosyncratic allegations of insider trading, OKX explained that the exchange, done its subsidiary OKX Ventures, invested $100,000 into the Celestial GameFi task successful Sept. 2021. However, the speech stated that the CELT tokens it received were deposited into OKX Ventures' accounts "without immoderate transactions," and "no evidence" of insider trading involving OKX unit was recovered arsenic per its investigation.

Nevertheless, the speech froze 714,381 USDT from 5 accounts suspected of marketplace manipulation and claimed Celestial would instrumentality 1.3 cardinal USDT linked to specified activities that person since near the exchange. As outlined by OKX, the steadfast volition allocate 1 cardinal USDT, on with 2,014,381 USDT obtained done seizure, for a combined restitution of 3,014,381 USDT to beryllium airdropped to affected users. Users are eligible for the airdrop if they purchased CELT tokens betwixt Feb. 25, 12 AM Hong Kong Time (HKT) to Feb. 28, 12 AM HKT, and suffered losses. Due to the complexity of the Airdrop, OKX says it volition people details wrong the adjacent 48 hours.

The CELT token saw chaotic trading sessions earlier and aft the announcement of a caller blockchain game. | Source: (CoinMarketCap)