Source: John Mullin“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders,” Mantra co-founder John Mullin wrote in an April 13 statement on X.“The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” he added. Mullin told an X user they believe one exchange “in particular” was to blame but said they were still “figuring out the details.” He told others that the centralized exchange in question wasn’t Binance. Mantra token collapses by 90% but retraces some valueThe price of the Mantra token collapsed by over 90% on April 13 but regained some lost value following statements from the Mantra team and co-founder JP Mullin.
Mantra CEO denies insider OM token dump, says Arkham “mislabeled” walletsMantra CEO John Mullin denied reports suggesting large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, while speaking in an AMA hosted by Cointelegraph on April 14.“The Mantra association, our key investors, our advisers — no one has sold, and we are going to categorically deny and also provide verifiable proof onchain proof that this is the case,” Mullin stated in the AMA.
Mantra says one exchange “in particular” may have caused OM collapseThe team behind real-world tokenized asset blockchain Mantra says its native token’s sudden 90% plunge was caused by exchanges forcibly closing positions without notice, with one currently unnamed exchange potentially to blame. On April 13, Mantra (OM) price dropped from $6.30 to below $0.50, rapidly shedding over 90% of its $6 billion market cap.
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Author / Journalist: Cointelegraph by Cointelegraph
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