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OKX staff issue clarification on requests to purchase “shell tokens”.

Published on

April 24, 2023
Read Time:1 Minute, 36 Second

In response to an April 24 put up, cryptocurrency alternate OKX doesn't assist the shopping for and promoting of “shell tokens” listed on the alternate.

The clarification got here after OKX worker Haiteng shared a sequence of WeChats conversations the place an individual allegedly contacted OKX workers to purchase "shell tokens" or because the individual described:

"[Tokens] Listed as OK, however the challenge can not run. Somebody desires to tackle initiatives like that."

One other message reads: “Discover an OKX shell token; the funds is $1.5 million, the deposit has been collected, the dependable ones DM me.” In response to the inquiries, Haifeng said:

“OKX doesn't assist shopping for shell tokens. Moreover, initiatives that may promote shell tokens are those that aren't usually practical.”

Haifeng added that OKX usually screens exchange-listed tokens and delists tokens the place builders "maliciously manipulate the market, operations, safety and different dangerous behaviors." "Do not even take into consideration making that form of cash in OKX," he wrote.

On the identical day, Mingxing Xu, founding father of OKX, additionally commented on Haifeng's tweet:

"Don't be offended. All initiatives [that] Cease Growth shall be delisted pursuant to the OKX Itemizing Settlement."

Like Shell firms, Shell tokens maintain cash with no vital underlying enterprise exercise, property, or market worth. Within the case of a Shell token, a challenge might have initially gained momentum to ensure that its token to fulfill itemizing necessities on an alternate, however later floor its enterprise actions and operations. When a challenge goes out of service, the underlying token should be manually faraway from the enumeration. As OKX workers have identified, shopping for a Shell token can doubtlessly result in market manipulation.

Don't be offended. All initiatives that cease growth shall be delisted based on the OKX itemizing settlement. https://t.co/zhdO8PCLpI

— Star (@star_okx) April 24, 2023

Journal: $3M OKX Airdrop, 1 hour due diligence on 3AC, Binance AI



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : April 24, 2023
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