Star, founder of crypto exchange OKX, has expressed strong criticism of certain market practices. Star noted that some tokens, once listed, focus solely on issuing new tokens and reducing assets, actions that ultimately harm users.
OKX Founder Criticized Market Practices
He emphasized that exchanges should not act as accomplices of such projects that do not contribute positively to the market or its participants.
Star also acknowledged that OKX has faced difficulties with its listing practices, citing the current lack of regulation regarding listing and holding reduction as problematic.
He called for a collective industry introspection on how to safeguard the market and protect investor interests, especially in the absence of clear supervisory frameworks.
One of the tokens Star mentioned, AEVO, has experienced a significant drop in value, falling from its initial high price of $3.70 at launch to its current price of $0.44. This sharp decline caused concerns in the sector, especially among investors who suffered losses.
AEVO's decline and Star's statements underscore a broader concern about the need for better oversight and ethical standards in the cryptocurrency market, particularly regarding the processes surrounding the listing and management of new tokens.
*This is not investment advice.