Blockchain intelligence platform Lookonchain says that tokens of the real-world asset (RWA) crypto mission Mantra (OM) value tons of of hundreds of thousands of {dollars} have been transferred to digital asset exchanges earlier than a large value crash.
Lookonchain says on the social media platform X that a number of wallets had despatched hundreds of thousands of OM tokens to crypto exchanges prior to Mantra’s 90% value meltdown over the weekend.
Based mostly on Lookonchain’s information, some of the exchanges that obtained the deposits embody OKX and Binance.
“Who dropped the worth of OM?
Earlier than the OM crash(since Apr seventh), not less than 17 wallets deposited 43.6 million OM($227 million on the time) into exchanges, 4.5% of the circulating provide.
In accordance 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 value meltdown, dropping from a excessive of $6.35 to a low of $0.37 – a whopping decline of 94% in simply sooner or later. Concurrently, its market cap plunged from $6.11 billion to $683.3 million.
Crypto asset administration agency Laser Digital says that it isn’t concerned within the value collapse of Mantra.
“We would like to instantly deal with latest hypothesis round Laser Digital’s involvement within the value motion of OM (Mantra)… Assertions circulating on social media that hyperlink Laser to ‘investor promoting’ are factually incorrect and deceptive…
On-chain actions of OM linked to Laser wallets have been flagged publicly. We would like to be completely clear: Laser has not deposited any OM tokens to OKX. The wallets being referenced to OKX are usually not Laser wallets.”
In the meantime, Mantra CEO JP Mullin blames crypto exchanges for OM’s sudden value collapse, noting that the corporations needlessly closed giant positions throughout low-liquidity hours.
At time of writing, OM is buying and selling for $0.595, down 32.5% prior to now day.
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