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Studio reveals astonishing results of OKX Jumpstart lottery draw, OKX founder: Will make full effort to block next time

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Studio reveals astonishing results of OKX Jumpstart lottery draw, OKX founder: Will make full effort to block next time

The Sui Foundation's native token conducted an IEO on OKX, and the lottery results were as usual - some happy and some disappointed. However, it seems that the majority of those who did not win were large holders. Perhaps it is just that these individuals are complaining more loudly, while retail investors are pleased with the lottery results. There is also a circulating image on Twitter allegedly showing the successful lottery results obtained through careful manipulation by a studio, with OKX's founder providing an explanation.

OKX Jumpstart Lottery Rules

Similar to IEOs on major exchanges, OKX's platform token OKB holders have the opportunity to subscribe to SUI tokens through a lottery system. The announcement detailing the rules is as follows:

  • Completion of Tier 2 KYC is required

  • Only primary accounts are eligible to participate

  • Participation is only available through the OKX APP

  • 1 ticket = 100 SUI tokens

  • Up to 4 tickets can be obtained by holding 1 OKB at most

  • Maximum winning tickets: 100 tickets for 10,000 SUI

  • Snapshot period: From April 20th to April 22nd, average OKB holdings

  • Winning tickets will be unlocked linearly over 12 months after the mainnet launch, with the first batch of SUI received upon launch and 1/13 unlocked monthly thereafter

Having 25 OKB does not guarantee the highest 100 tickets; maximizing OKB holdings increases the chances of winning.

Additionally, OKX does not include OKX used as loan collateral in the calculations. OKX borrowed for loans, OKX in funding accounts, trading accounts, and profit accounts will all be considered in the average holdings calculation.

OKX Jumpstart Controversies

1. Some Whitelisted Users Unable to Participate

According to the rules, users whitelisted by the Sui Foundation can subscribe to 1,500 SUI tokens at $0.03 each. However, some users who completed Tier 2 KYC certification still faced issues with subscription.

2. Complaints from Large Holders about Unreasonably Low Winning Rates

User @8kClubEns mentioned being an old user, holding over 500 OKB but not winning any tickets, while a new account with only 28 OKB won the full 100 tickets. OKX responded that the lottery mechanism does not differentiate between new and old users.

User @Bront177 pointed out holding over 1,500 OKB in a single account without winning any tickets, suggesting the lottery mechanism is not random. OKX responded that they will optimize based on user feedback.

3. Are Large Holders Being Accused of Witchcraft?

Media outlet Wu Blockchain speculated that large holders and veterans with substantial OKB holdings may be mistakenly flagged as witches due to frequent IP changes using VPNs. This outcome contradicts OKX's announcement of "maximizing OKX holdings to increase winning chances."

Some users blamed themselves for not winning due to being flagged as witches for internal transfers.

Studios Show Off Results, OKX Founder: Fully Suppressing

Following the lottery results announcement, studios began flaunting their successful lottery wins on Twitter.

OKX founder Xu Mingxing responded:

Jumpstart is a tool to help eligible tokens conduct their initial token issuance to users. The platform's basic principle is one natural person matching one account. For similar "device pools," location checks can be conducted. We will continue to optimize our anti-fraud procedures and deeply apologize for any inconvenience caused.

Some users redirected their frustration towards OKX for not disclosing the lottery algorithm, although currently, there is no IEO platform in the market that has a publicly available lottery algorithm.