The CEO of a crypto project focused on the real world (RWA) alleys that centralized exchanges may have played a role in the sudden collapse of the project’s native token.
The market capitalization of the TOP RWA Project Mantra (OM) fell by $ 5.431 billion on Sunday – by lowering more than $ 6.11 billion to $ 683.3 million in a few hours.
The CEO of Mantra, JP Mullin, alleges on the social media platform X that the accident was caused by anonymous exchanges which apparently work against the medal by unnecessarily closing large positions during low liquidity hours.
“We have determined that the movements of the OM market have been launched by reckless forced closures initiated by centralized exchanges on OM account holders.
Centralized exchange partners play an important role in providing liquidity to projects like ours. We work in close collaboration with them, however, they continue to exercise extremely high levels of discretion. When discretionary powers are exercised without internal and external surveillance due, dislocations as well as what happened recently can happen, injuring projects and investors. »»
He also claims that the Mantra team did not take any measures that could have contributed to the collapse of OM
Mullins does not name the exchanges of crypto that he alleys triggered the loss of value, but it excludes binance.
“It was certainly not a binance.”
At the time of writing, OM is negotiated at $ 0.51, down 91.2% in the last 24 hours.
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