Lookonchain, a blockchain intelligence platform, says tokens from the crypto-project Mantra (OM), a real-world assets (RWA), worth hundreds of million dollars have been transferred to digital exchanges prior to crashing prices.
Lookonchain claims on social media that many wallets sent OM tokens in the millions to exchanges before Mantra’s 90 percent price drop over the weekend.
According to Lookonchain, OKX and Binance are among the exchanges which received deposits.
Prior to the OM crash (since April 7th), 17 wallets deposited at least 43.6 millions OM ($227 million in the past) into exchanges. This represents 4.5% of circulating stock.
Two of the addresses listed on Arkham’s tag are associated with Laser Digital.
Laser Digital has invested in Mantra as a strategic partner.”
Mantra’s price dropped from $6.35 to $0.37 in one day, a 94% drop. During the same time period, Mantra’s market capitalization plummeted from $6.11billion to only $683.3m.
Laser Digital, a crypto asset management company, says it has no involvement in the collapse of Mantra’s price.
We want to address the recent speculation surrounding Laser Digital’s role in the price movement of OM.
Publicly flagged are on-chain OM movements linked to Laser wallets. Laser did not deposit any OM to OKX. OKX is not referring to Laser wallets.
JP Mullin, the CEO of Mantra, blames crypto-exchanges for OM’s abrupt price drop, saying that firms closed positions in low liquidity hours.
At the time this article is written, OM’s price has fallen by 32.5% over the last day.
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The post Mantra On-Chain: Data on $227,000,000 worth of OM tokens moved to crypto exchanges before 90% price collapse may be updated as new information becomes available.
