OKX has seized 2,014,381 Tether (USDT) from 5 accounts suspected of partaking in “malicious market manipulation” of the Celestial (CELT) token and plans $3 million in restitution for affected customers, the cryptocurrency change introduced on Feb. 28.
Based on OKX, Celestial builders on Feb. 26 introduced the creation of a brand new blockchain recreation. Shortly afterward, the Celestial builders allegedly launched a social media marketing campaign selling the brand new recreation utilizing OKX’s branding, which the agency says was unauthorized. As a partial results of the actions, the CELT token almost doubled in worth inside two days time, earlier than falling over 50% prior to now 24 hours to $0.002129 on the time of publication.
Responding to buyer allegations of insider buying and selling, OKX defined that the change’s subsidiary OKX Ventures invested $100,000 into the Celestial GameFi challenge in September 2021. Nonetheless, the change said that the CELT tokens it obtained have been deposited into OKX Ventures’ accounts “with none transactions,” and its investigation discovered “no proof” of insider buying and selling involving OKX employees.
However, the change froze 714,381 USDT from 5 accounts suspected of market manipulation and claimed Celestial would return 1.3 million USDT linked to such actions which have since left the change.
As outlined by OKX, the agency will allocate 1 million USDT, together with 2,014,381 USDT obtained by way of seizure, for a mixed restitution of three,014,381 USDT to be airdropped to affected customers. Customers are eligible for the airdrop in the event that they bought CELT tokens between 12 am Hong Kong time on Feb. 25 and 12 am Hong Kong time on Feb. 28 and suffered losses.
Because of the complexity of the airdrop, OKX mentioned it might publish particulars throughout the subsequent 48 hours.