Mantra investors deny dumping OM token before crash despite evidence

Key Points

  • Laser Digital, a strategic investor in Mantra, denied transferring $41.6 million in OM tokens to OKX before the token's crash.
  • Blockchain analysts identified large-scale token transfers by major Mantra investors before the OM token's sharp decline.
  • At least two wallets linked to Laser Digital moved 43.6 million OM tokens to exchanges before the crash.
  • Laser Digital claimed the wallets in question were not associated with them, despite evidence suggesting otherwise.
  • Other Mantra investors, like Shorooq Partners, were also active before the crash but denied selling OM tokens.

Summary

Blockchain analysts have uncovered significant token movements by major investors of Mantra (OM) before its sharp price drop on April 13. Laser Digital, a strategic investor backed by Nomura, was reported to have transferred large amounts of OM tokens to exchanges like OKX and Binance before the crash. Despite this, Laser Digital denied any involvement, asserting that the wallets involved were not theirs. The firm's denial came amidst reports from blockchain analytics platforms like Lookonchain and Arkham Intelligence, which tracked these transactions. Additionally, other investors like Shorooq Partners were also active, receiving tokens from dormant wallets just hours before the crash, though they too denied selling OM tokens. The situation has raised concerns about insider trading and the stability of Mantra's ecosystem, with exchanges like OKX and Binance noting significant activity and attributing the crash to cross-exchange liquidations. The incident has sparked discussions on the integrity of cryptocurrency investments and the transparency of major investors' actions.

cointelegraph
April 14, 2025
Crypto
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