OKX Relaunches in US After $500M DOJ Settlement
CW16 Market Digest. Mantra ($OM) token price dropped 90%, prompting market manipulation speculation, denied by Laser Digital and Mantra’s CEO. OKX relaunched its US exchange following a $500M DOJ settlement for compliance issues. Raydium introduced LaunchLab amid Pumpswap competition.
$OM crash
Mantra token crashed by 90% in a few hours. Though top CEX claimed that it's more a chain liquidation, but clearly it's price manipulation.
According to CoinTelegraph snapshots, someone moved large chunks of $OM ahead of the collapse. The suspect Laser Digital denied through X post and announced their holding wallets.
During a recent exchange with the community, Mantra's CEO John Mullin denied any related party of manipulation and described these rumors as fantasies unrelated to reality. He insists that no wallet linked to our partners was emptied.
OKX relaunch in US
Seychelles-based OKX announced on Tuesday that it is relaunching the U.S. version of its crypto exchange and unveiled a new wallet for American users to store as well as trade cryptocurrencies. Instead of using the old brand OK Coin, this time OKX kept its global name.
OKX’s renewed focus on the U.S. follows a settlement the exchange’s international entity reached with the Department of Justice in February. Prosecutors alleged that OKX failed to implement adequate anti-money laundering processes and solicited U.S. customers even though its international entity wasn’t registered in the States. As part of the agreement, OKX paid a $500 million fine, pled guilty to one count of operating an unlicensed money transmitting business, and agreed to pay for an external compliance consultant through February 2027.
Raydium fight back to Pumpswap
Since Pump.fun launched their own Pumpswap, Raydium lost a huge chunk of flow.
This week, Raydium announced their token launchpad named LaunchLab, and introduced multiple incentives for participants.
More details see https://raydium.io/launchpad
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