Did OKX Exchange’s SUI Campaign Scam Turkish Investors? What’s Happening at OKX?

The failure of the SUI token campaign initiated by the OKX exchange has damaged the trust of the cryptocurrency community. Here’s what happened.

Did OKX’s SUI Campaign Scam Turkish Investors?

In recent months, the cryptocurrency exchange OKX launched a campaign related to the SUI token, aiming to provide users with profits. However, the failure of the campaign received a strong backlash from investors, and the events escalated rapidly.

According to the campaign initiated by OKX, users who registered on the exchange, completed KYC2 verification, and generated a trading volume of $500,000 would receive 1000 SUI tokens. The current value of 1000 SUI tokens is slightly over $748. However, there was an important detail; during this campaign, the SUI token had not yet been released to the market, and its price could not be estimated.

OKX exchange planned to distribute SUI tokens generously, but when things didn’t go as planned, users couldn’t find anyone to address their reward requests. Crypto investors were the most affected by this campaign. Initially, there was no limitation in this campaign, but after 7 days, OKX suddenly imposed a limit and reduced it to 1 million SUI tokens. Due to the inability to calculate the risks of the event, OKX, the 7th largest cryptocurrency exchange in the world, faced a bad situation, leaving its investors astonished.

So what happened next? The event ended one way or another. It was stated that the rewards would be distributed “within 14 days after the end of the event” with an unexpected plan change at the last minute. 14 days passed since the event, but some of the investors on the exchange complained that they still hadn’t received their SUI token rewards. Then a new decision was announced, and the reward distribution was postponed for another 14 days. After these 14 days passed, the community’s reaction grew, and 50% of the participants in the event reported that they couldn’t receive their rewards.

Selamlar sevgili Türk kripto para topluluğu,

Beni takip ediyorsanız son 2 aydır $SUI ve @okx ile ilgili attığım tweetlere şahitlik etmişsinizdir diye düşünüyorum, dün “dünyanın en büyük 2.kripto borsasının” ceosu ile yaşadığım talihsiz görüşme sonrasında böyle bir flood atma…

— DD (@dd_finance) June 17, 2023

During all these events, the SUI token price experienced a decrease of more than 50%. Additionally, according to the information conveyed by an influencer from the Turkish crypto community and verified by Coin Otağ, the CEO of OKX stated that they were not obliged to give out the event rewards. Many OKX partners made statements about the issue, apologizing to their followers and announcing the termination of their relationship with OKX exchange. There is no official statement yet from OKX, which has damaged the trust of the cryptocurrency community.

Your anti-scammer engine is malfunctioning. Users around me who multiplied got their rewards, users who couldn’t multiply did not get their rewards despite submitting all the documents and proofs. For over 2 months it’s just a waste of time.

— DD (@dd_finance) June 16, 2023