{"id":21964,"date":"2025-04-14T11:47:07","date_gmt":"2025-04-14T11:47:07","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=21964"},"modified":"2025-04-14T11:47:07","modified_gmt":"2025-04-14T11:47:07","slug":"mantra-investors-deny-dumping-om-token-before-crash-despite-evidence","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=21964","title":{"rendered":"Mantra investors deny dumping OM token before crash despite evidence"},"content":{"rendered":"
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\"Mantra<\/p>\n

Blockchain analysts have identified large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, raising questions about insider activity and the stability of the project.<\/p>\n

Laser Digital, a strategic Mantra investor, reportedly cashed out large portions of Mantra (OM) tokens before the cryptocurrency collapsed on April 13<\/a>, onchain data suggests.<\/p>\n

At least two wallets linked to Laser Digital were among 17 wallets that moved a combined 43.6 million OM tokens \u2014 worth about $227 million at the time \u2014 to exchanges before the crash, according to blockchain analytics platform Lookonchain, citing Arkham Intelligence data.<\/p>\n

\"Mantra
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Source: <\/em>Lookonchain<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Laser Digital is a digital asset business backed by Nomura. The firm announced<\/a> a strategic investment in Mantra in May 2024.<\/p>\n

Millions in OM moved to Binance, OKX<\/h2>\n

According to Arkham data, one Laser Digital-linked wallet has moved<\/a> about 6.5 million OM tokens ($41.6 million at the time) to OKX in seven transactions since April 11.\u00a0<\/p>\n

Another wallet sent<\/a> about 2.2 million OM (worth $13 million) to Binance in a series of transfers starting April 3.<\/p>\n

The data also indicates that Laser Digital may have started reducing its OM holdings as early as February. The wallets linked to the firm reportedly<\/a> received a large portion of their OM from crypto trading firm GSR in 2023.<\/p>\n

\"Mantra
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Mantra (OM) outflows from one of the wallets linked to Laser Digital. Source: Arkham<\/em><\/p>\n<\/figcaption><\/figure>\n

Laser Digital subsequently denied<\/a> reports alleging its involvement in the OM volatility, claiming that the referenced wallets did not belong to it.<\/p>\n

\"Venture
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Source: <\/em>Laser Digital<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

\u201cLaser has no involvement in the recent price collapse of $OM,\u201d Laser said in an X post on April 14. \u201cAssertions circulating on social media that link Laser to \u2018investor selling\u2019 are factually incorrect and misleading,\u201d the firm added.<\/p>\n

Arkham did not immediately respond to Cointelegraph\u2019s request to comment on Laser Digital\u2019s wallets\u2019 tags.<\/p>\n

Action from other Mantra investors<\/h2>\n

Laser Digital wasn\u2019t the only Mantra investor active before the OM collapse.<\/p>\n

According to Lookonchain data, a wallet associated with Shane Shin, a founding partner of Shorooq Partners, received<\/a> 2 million OM tokens hours before the crash.<\/p>\n

The tokens came from a previously dormant wallet that received 2.75 million OM in April 2024, Lookonchain reported.<\/p>\n

\"Mantra
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Mantra (OM) flows by a wallet potentially linked to Shorooq\u2019s Shane Shin. Source: Arkham<\/em><\/p>\n<\/figcaption><\/figure>\n

Both Laser Digital and Shorooq were among the investors in the $109 million Mantra Ecosystem Fund (MEF<\/a>) announced on April 7.<\/p>\n

Related: <\/strong><\/em>Mantra bounces 200% after OM price crash but poses LUNA-like\u2019 big scandal\u2019 risk<\/strong><\/em><\/a><\/p>\n

\u201cIt is important to note up front that Shorooq (its funds and founding partners) and Mantra (management and team members) have not sold OM tokens in the lead up to, or during, this crash,\u201d a spokesperson for Shorooq told Cointelegraph.<\/p>\n

The representative also emphasized that Shorooq is an equity investor in Mantra, not solely a token investor. \u201cThis means that our focus is on the long-term growth of the project,\u201d the spokesperson added.<\/p>\n

Cointelegraph contacted Mantra regarding the OM token collapse and its implications for the MEF but had not received a response by the time of publication.<\/p>\n

Binance attributes OM collapse to \u201ccross-exchange liquidations\u201d<\/h2>\n

As OKX and Binance were among exchanges that saw significant OM activity before and during the crash, both exchanges addressed the issue directly. OKX founder Star Xu called the incident a \u201cbig scandal to the whole crypto industry.\u201d<\/p>\n

While Mantra CEO John Mullin attributed the OM crash to one exchange<\/a>, Binance hinted at \u201ccross-exchange liquidations.\u201d<\/p>\n

\u201cOur initial findings indicate that the developments over the past day are a result of cross-exchange liquidations,\u201d Binance said<\/a> in an announcement on April 14.<\/p>\n

In an update on April 14, OKX said<\/a> that Mantra\u2019s tokenomics had gone through major changes since October 2024 and flagged suspicious activity across multiple exchanges.<\/p>\n

Magazine: <\/strong><\/em>Illegal arcade disguised as \u2026 a fake Bitcoin mine? Soldier scams in China: Asia Express<\/strong><\/em><\/a><\/p>\n