OKX crypto exchange confirmed that the Celt token project team admitted that the internal staff manipulated the Celt trade price via the pump & dump method.
Celestial is a multichain metaverse video game that unfolds across the broad universe in which players can colonize planets, harvest resources, form alliances with other commanders and engage in intergalactic warfare. Celt is the native token of the Celestial ecosystem. This token is available to trade on approximately 12 crypto exchanges.
On 28 Feb 2023, the OKX crypto exchange published a report on the Celt token and confirmed that the trade price of the token was pumped & dumped by its project team.
The OKX exchange team contacted the Celt token team regarding this matter and confirmed that they admitted to such unfair price manipulation activity.
The crypto exchange collected $1.3 million worth of USDT to give compensation to the affected traders.
The Celt token team also officially responded on this matter & confirmed that some event was perpetrated by internal staff colluding with an external market maker.
OKX Team also investigated a few other crypto projects & found that five other crypto projects manipulated their token prices and now exchange will collect $2.01 million from those projects and further will use $1 million to donate & rest of the funds to compensate the token traders.
Chinese crypto blogger Collin Wu noted that it usually remains rare to see such cases openly and pointed out that OKX exchange was also one of the investors in the Celt token project but OKX was not involved in the price manipulation.
“This is a very rare time that the project admitted to manipulating the token price pump and dump on the exchange, and at the same time provided compensation together with the exchange. OKX is also an investor in CELT, but did not sell the unlocked tokens,” Collin Wu said.