Key Takeaways:
- OKX froze five suspicious accounts engaged in market manipulation.
- The exchange claimed that no proof of insider trading involving their employees had been discovered as a result of its probe.
Following user accusations of Celestial (CELT) token market manipulation, the Seychelles-based cryptocurrency exchange OKX recently launched an inquiry into the platform. Actually, on February 26 the creators of Celestial revealed plans to create a new cryptocurrency game.
OKX Ventures revealed it has no connection to the project partner; these tokens are locked in the company’s account and are not being used.
According to Coingecko statistics, the price of CELT steadily dropped, dropping by about 54% in less than two hours. This led many people to wonder if there had been any market manipulation by deceitful dealers seeking to make money.
Over 714,381 USDT were taken from 5 accounts connected to market fraud, according to the exchange. The exchange has been in distress since the “malevolent market manipulation” operations were carried out, according to the platform, which asserted that the leftover funds have already been transferred from the platform and Celestial will reimburse 1.3 million USDT.
No indication of internal employee participation in the incident was discovered, according to OKX, during the inquiry. Once confirmed, any internal OKX staff members who may have been engaged in this incident will face harsh punishment.
In response to public outcry For the damaging influence, Celestial expressed regret and said:
“We didn’t rely on our connection to OKX in any way for the marketing. Other KOLs manipulated every false advancement. We will give OKX exchange our full cooperation throughout their investigation and embrace any conclusions they reach.
Later, Celestial added that in order to “minimise user losses,” it will reveal a comprehensive buyback plan, and that the tokens obtained through the buyback will be burned.
However, the exchange stated Celestial would return 1.3 million USDT connected to such activities that have since departed the exchange and froze 714,381 USDT from five accounts accused of manipulating the market.
