Unikrn CEO Rags On OKEx’s High Listing Fees And Trading Volume Methods To Fake Liquidity
The CEO of an esports and blockchain betting platform called Unikrn, Rahul Sood, has made some very serious claims about OKEx, one of the largest exchanges by trade volume in the world. Unikrn was a company that was very high profile as people like Mark Cuba and Ashton Kutcher backed it.
Sood has affirmed that OKEx talked privately to the company and gave it what was understood as being basically an ultimatum: either the company increases its daily volume by doing whatever it is that the company needed to or it would be delisted from the platform.
He made a long rant on Twitter in which he complained a lot about OKEx and affirmed that the company had to focus on their business, not on OKEx’s. UnikoinGold (UKG), the token of the company, which is used as a way to fuel the platform, is down 83% this year and has a 24-hour trading volume of $22,000 USD, a very low number.
OKEX straight up asked us to increase volume by any means necessary or get delisted. Wonder why the SEC won't approve ETFs? 🤔
— Rahul Sood 🦄 (@rahulsood) November 29, 2018
His major complaint is that the exchange and not the companies should be worried about driving their volume up. He was angry that OKEx charges major listing fees and then later forces companies to keep their liquidity up even if they use fake means because they want a high liquidity.
Sood accused the exchanges of robbing teams and affirmed that they needed to be building better platforms to foster innovation and access instead.
The man said that Bittrex is the most legitimate exchange and that it does not charge “bullshit fees” or manipulates its own market with fake volume. All the other exchanges, he affirmed, are trouble in the long term.
Despite all the trouble with the bear market and how the prices and the trading volume of the company are going down, Unikrn is still having a somewhat good run this year. The company is advancing its product and making something considerably more interesting now, as well as getting licenses to operate in many countries.
The company was created to support esports betting and clients can use the UKG tokens to bet on tournaments in Europe, South America and Southeast Asia.