OKX doesn’t support trading of shell projects; will delist them
Haiteng, an OKX staff member, reported after being approached for shell token purchase, that OKX does not support the trading of shell tokens.
In a WeChat conversation, an individual approached the staff member to take over projects that no longer operate, and in another chat, the message reads that he should find OKX shell tokens and respond with reliable ones.
The staff wrote that OKX does not support the behaviour of buying and selling shells. Shell companies are inactive companies that can be used as a means to propel mischief in a financial market like the crypto market. According to Haiteng’s observation, projects that have become inactive are used as financial manoeuvres in the crypto market.
Using these projects, there could be price and market manipulations, false promises on rewards, or the launching of false initiatives. The staff affirmed that OKX will monitor listed currencies to ensure that they are out of the shell category, and will do away with any tokens guilty of such. “All currencies will be monitored and once it is found to have a malicious market, operation, security, and other risky behaviour, the project will be removed from the shelves,” Haiteng said.
Star Xu, the OKX founder, added in a tweet, “Don’t be evil. All projects [that] stop develop will be delisted according to OKX listing agreement.”
Haiteng continued, projects that can be used to sell shells are projects that can’t continue to operate, also, “OKX will continually review the projects that have already been launched,” he said.
As a way of forewarning users who might intend to engage in such activities, he said “Don’t think about earning this kind of money in OKX.”
A web3 developer with the Twitter user @0xggy reacted that there are also many shells on other platforms. Following, Haiteng made an open call for any findings on such, “if you find something on OKX, feel free to report it,” he said. However, it is uncertain if the report will be reward based.
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