Update (April 14, 1:15 p.m. UTC): This article was updated to add comments from the CEO of Mantra, John Mullin, of an AMA event organized by Cintelelegraph.
Mantra CEO, John Mullin, denied reports suggesting large -scale token transfers by the main mantra investors in the days preceding the net collapse of the OM token, while speaking in an AMA hosted by Cintelegraph on April 14.
“The Mantra association, our main investors, our advisers – no one has sold, and we will categorically deny and also provide proof of verifiable evidence that this is the case,” said Mullin in the AMA.
Previous reports suggest that a digital laser, a strategic mantra investor, collected large parts of mantra tokens (OM) before the cryptocurrency collapse on April 13.
At least two digital laser -related portfolios were among the 17 portfolios that moved 43.6 million OM chips combined – worth around $ 227 million at the time – exchanges before the accident, the blockchain analysis platform reported on April 13, citing the data of Arkham Intelligence.
Source: Lookonchain
Digital laser not involved in millions in OM moved to Binance, OKX
Laser Digital is a digital asset company supported by Nomura. The company announced a strategic investment in Mantra in May 2024.
According to Arkham Data, a digital laser portfolio had moved around 6.5 million OM tokens ($ 41.6 million at the time) in OKX in seven transactions since April 11.
The last recorded transaction of the portfolio took place on April 11 around 10:00 pm UTC, a few days before the Mantra crash, which took place on April 13 around 7:00 pm UTC, according to Coingecko.
Another portfolio sent around 2.2 million OM (worth $ 13 million) to Binance in a series of transfers from April 3.
The data also indicated that Laser Digital may have started to reduce its OM farms in February. Company portfolios would have received a large part of their OM from the Crypto GSR Commercial Company in 2023.
The Mantra (OM) leaves one of the portfolios linked to the digital laser. Source: Arkham
Laser Digital subsequently denied reports alleging its involvement in the volatility of OM, claiming that the referenced portfolios did not belong to it.
Source: Digital laser
“Laser has no involvement in the recent price collapse of $ OM,” laser said in an X post on April 14. “The claims circulating on social networks which connect the laser to the” sale of investors “are factually incorrect and deceptive,” added the company.
Action of other mantra investors
It seems that Digital Laser was not the only active mantra investor before OM collapse.
According to Lookonchain Data, a portfolio associated with Shane Shin, a founding partner of Shorooq Partners, received 2 million OM tokens on April 13 at 11:52 am UTC, a few hours before the accident.
The tokens came from a previously sleeping wallet which received 2.75 million OM in April 2024, Lookonchain reported.
The Mantra (OM) flows through a portfolio potentially linked to the Shin SHOROOQ SHAN. Source: Arkham
Digital laser and Shorooq were one of investors from the Mantra ecosystem fund of $ 109 million (MEF) announced on April 7.
In relation: The mantra bounces 200% after an OM price accident but poses the risk of “big scandal” of the Luna type
“It is important to note in advance that Shorooq (its founding funds and partners) and the Mantra (management and team members) have not sold OM tokens in the head or during this crash,” a spokesperson for Shorooq at Cointelegraph.
The representative also pointed out that Shorooq is a equity investor in Mantra, not just a token investor. “This means that we focus on the long-term growth of the project,” added the spokesperson.
“We do not know who these portfolios belong,” said the CEO
While denying the accuracy of Arkham’s data, the CEO of Mantra, Mullin, stressed that the company was not aware of the identity of the addresses that pour OM before his accident.
“I do not know who these wallets belong,” said Mullin during the Ama Cointelegraph, adding:
“I know they don’t belong to Shorooq. I know they don’t belong to the laser. I know that they do not belong to our main institutional partners. ”
Mullin said Mantra thinks that wallets were “poorly labeled by Arkham”, adding that the platform provided its key wallet addresses in a transparency report published on April 8.
Arkham did not immediately respond to Cointelegraph’s request to comment on the labels of the digital laser wallets.
Attributes of the Binance OM collapse in “cross -liquidations”
As OKX and Binance were among the exchanges that saw a significant om activity before and during the crash, the two exchanges addressed the question. The founder of OKX, Star Xu, described the incident as “a great scandal for the whole cryptography industry”.
While the CEO of Mantra, John Mullin, awarded the OM accident to an exchange, Binance alluded to “cross -liquidations”.
“Our first results indicate that developments in the last day are the result of cross -liquidations,” said Binance in an advertisement on April 14.
In an April 14 update, OKX said that the Tokenomics of Mantra had undergone major changes since October 2024 and had reported a suspicious activity on several exchanges.
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