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OKEx Celebrates Its 1600% One-Second Blockcloud IEO, But Something Smells Really Fishy
Yesterday OKEx tweeted that the Blockcloud IEO completed in only one second:
“All $BLOC sold out in 1 second. The BLOC/OKB spot trading market will open at 15:00 today (CET),” the cryptocurrency exchange stated.
If we assume that this statement is true, OKEx would have set a record among all token sales, including ICOs and IEOs, beating Bittrex’s VeriBlock (10 seconds) and Binance’s Fetch.AI (22 seconds).
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It seems like OKEx had set a goal to maintain BLOC’s launch price. The following screenshot was taken shortly after the price launch. Clearly see the large blocks of demand around 0.04 OKB per BLOC.
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So proud, that OKEx did even include the 1,600% surge of Blockcloud’s token (BLOC) in an email to the community, something odd for a crypto exchange.
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BLOC surges, OKB crashes
We’ve found one additional dubious fact about the OKEx token sale, which is the fluctuations in OKB’s price, the native token of OKEx exchange. Like other exchanges running IEOs, OKEx has set rules around the Blockcloud IEO that required participants to hold at least 500 OKB before subscribing.
OKEx’s native token had dropped from $2.41 on April 4 to $1.87 by the time of the token sale on April 11, which is roughly a decrease of 22.5% in those seven days. As of writing this, the price of OKB is $1.52, approximately a 37% decrease from the price recorded on April 4.
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https://cryptopotato.com/okex-celebrates-its-1600-one-second-blockcloud-ieo-but-something-smells-really-fishy/ Yesterday OKEx tweeted that the Blockcloud IEO completed in only one second:
“All $BLOC sold out in 1 second. The BLOC/OKB spot trading market will open at 15:00 today (CET),” the cryptocurrency exchange stated.
If we assume that this statement is true, OKEx would have set a record among all token sales, including ICOs and IEOs, beating Bittrex’s VeriBlock (10 seconds) and Binance’s Fetch.AI (22 seconds).
...
It seems like OKEx had set a goal to maintain BLOC’s launch price. The following screenshot was taken shortly after the price launch. Clearly see the large blocks of demand around 0.04 OKB per BLOC.
...
So proud, that OKEx did even include the 1,600% surge of Blockcloud’s token (BLOC) in an email to the community, something odd for a crypto exchange.
...
BLOC surges, OKB crashes
We’ve found one additional dubious fact about the OKEx token sale, which is the fluctuations in OKB’s price, the native token of OKEx exchange. Like other exchanges running IEOs, OKEx has set rules around the Blockcloud IEO that required participants to hold at least 500 OKB before subscribing.
OKEx’s native token had dropped from $2.41 on April 4 to $1.87 by the time of the token sale on April 11, which is roughly a decrease of 22.5% in those seven days. As of writing this, the price of OKB is $1.52, approximately a 37% decrease from the price recorded on April 4.
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