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OKX seizes 2M USDT linked to market manipulation

The exchange has related frozen assets and will allocate over 3 million USDT for an airdrop to eligible users who suffered losses.

OKX has gradually seized 2014381 Tether (USDT) from five "deliberate sales market control" accounts suspected of participating in Celt dynamic passwords, and plans to pay $3 million to affected users, the OKX Digital currency Exchange announced on February 28th.

According to okx, on February 26th, Fairy developers announced the creation of a new blockchain game. Soon after, Skestial real estate developers were reported to have launched a social network-themed campaign using the okx brand to promote and plan the new mobile game, which the company said was also unauthorized. Because of the conclusion of that part of the campaign, the value of Celtic tokens has basically doubled in a week, but has fallen by more than 50 per cent in the past 24 hours, falling to $0.002129 at the time of issue.

In response to customer complaints about insider trading, OKX explained that OKX Ventures, a subsidiary of the exchange, invested $100000 in Skestial GameFi in September 2021. However, the exchange said that the CELT tokens it received were deposited in OKX Ventures's account and that there was "no trading" and that its research "found no evidence of insider trading involving OKX employees."

But the exchange froze $714381 in five accounts suspected of share price manipulation and said Celestial would return $1.3 million related to such thematic activities that have left the exchange since then.

As outlined by OKX, the enterprise will dispatch 1 million USDT and withhold the 2014381 USDT obtained to return the 3014381 USDT federation to the affected users. If users buy CELT tokens between 12:00 on February 25th and 12:00 on February 28th and suffer losses, they will be qualified to get airdropped materials.

Because of the diversity of airdrops, okx indicated that small details would also be released within 48 hours.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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