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OKX Launches Inquiry Into Celestial Token Manipulation

  • March 3, 2023
  • Posted by: Subham Seth
  • Category: News
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OKX Launches

Major Insights

Points:-

  • Seychelles-based crypto exchange OKX Launches Inquiry is investigating allegations of market manipulation of the Celestial (CELT) token.
  • Five accounts connected to market fraud had over 714,381 USDT taken from them, and Celestial will reimburse 1.3 million USDT.
  • No evidence of internal employee involvement was found during the inquiry.

OKX Investigates Market Manipulation Allegations Involving Celestial Token (CELT)

OKX, a cryptocurrency exchange based in Seychelles, recently launched an investigation into accusations of market manipulation of the Celestial (CELT) taken by some users. On February 26, the creators of Celestial announced plans to launch a new cryptocurrency game. OKX Ventures clarified that it had no affiliation with the project partner and stated that the tokens were locked in the company’s account, not being utilized.

The price of CELT declined steadily, dropping by approximately 54% in under two hours, according to Coingecko statistics. Concerns were raised that market manipulation was being engaged in by unscrupulous traders to make a profit. The exchange confirmed that they took 714,381 USDT from five accounts associated with market fraud. Any internal OKX staff members who participated in the incident were also informed that they would face severe consequences.

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OKX clarified that during the inquiry there was no indication of employee involvement. Celestial expressed remorse for the negative impact and stated that it did not rely on its connection to OKX for marketing. It added that it would cooperate fully with the exchange’s investigation and accept any conclusions reached.

Later, Celestial announced a comprehensive buyback plan aimed at minimizing user losses, and they would burn the tokens obtained through the buyback. Meanwhile, the exchange froze 714,381 USDT from the five accounts accused of market manipulation, and Celestial will reimburse 1.3 million USDT related to such activities that have left the exchange.

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