Blockchain intelligence platform Lookonchain says that tokens of the real-world asset (RWA) crypto project Mantra (OM) worth hundreds of millions of dollars were transferred to digital asset exchanges before a massive price crash.
Lookonchain says on the social media platform X that multiple wallets had sent millions of OM tokens to crypto exchanges prior to Mantra’s 90% price meltdown over the weekend.
[adinserter block="1"]Based on Lookonchain’s data, some of the exchanges that received the deposits include OKX and Binance.
“Who dropped the price of OM?
Before the OM crash(since Apr 7th), at least 17 wallets deposited 43.6 million OM($227 million at the time) into exchanges, 4.5% of the circulating supply.
According to Arkham’s tag, two of these addresses are linked to Laser Digital.
Laser Digital is a strategic investor in Mantra.”
On Sunday, Mantra witnessed a sudden price meltdown, dropping from a high of $6.35 to a low of $0.37 – a whopping decline of 94% in just one day. Simultaneously, its market cap plunged from $6.11 billion to $683.3 million.
Crypto asset management firm Laser Digital says that it is not involved in the price collapse of Mantra.
“We want to directly address recent speculation around Laser Digital’s involvement in the price action of OM (Mantra)… Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading…
On-chain movements of OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets.”
Meanwhile, Mantra CEO JP Mullin blames crypto exchanges for OM’s sudden price collapse, noting that the firms needlessly closed large positions during low-liquidity hours.
At time of writing, OM is trading for $0.595, down 32.5% in the past day.
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