Crypto exchange OKX has identified price manipulations for Celestial (CELT) tokens on its platform and obtained from the project team an agreement to pay 2 million USDT as compensation for losses. According to OKX, it will also add $1 million on its own to make up for lost users. RBC Crypto writes about this.
Celestial is a metaverse where players can colonize planets, mine resources, forge alliances, and participate in intergalactic wars. The CELT token is the native cryptocurrency of the project, which is used in the game to purchase attributes, resources, weapons, and territories in the form of NFTs. The Celestial ecosystem includes a marketplace and content creation tools. In September 2021, OKX Ventures invested $1.1 million in Celestial.
On February 27, an advertising campaign for the project was held on the Web, where it was positioned as related to OKX. At the same time, users began to complain about the sharp fluctuations in the price of the CELT token. In an announcement on February 28, the exchange said that it had nothing to do with the game project and the behavior on the part of developers when they indicate a non-existent connection with OKH is unacceptable.
The crypto exchange identified five addresses that profited from trading the asset and froze the 714 thousand USDT located on them. During negotiations with the Celestial team, the exchange obtained their consent to return another 1.3 million USDT.
Adding USDT 1 million to these amounts on its own behalf, OKX stated that it will use the USDT 3 million to reimburse users who suffered losses while trading the CELT token from February 25 to February 28. More detailed information will be published within the next two days.
Source: bitcoinlinux.com
