$227,000,000 Worth of OM Tokens Moved to Crypto Exchanges Prior to 90% Price Collapse of Mantra: On-Chain Data

Blockchain intelligence platform Lookonchain says that tokens of the real-world asset (RWA) crypto mission Mantra (OM) price lots of of hundreds of thousands of {dollars} had been transferred to digital asset exchanges earlier than a large worth 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 previous to Mantra’s 90% worth meltdown over the weekend.

Based mostly on Lookonchain’s knowledge, among the exchanges that obtained the deposits embody OKX and Binance.

“Who dropped the value of OM?

Earlier than the OM crash(since Apr seventh), a minimum of 17 wallets deposited 43.6 million OM($227 million on the time) into exchanges, 4.5% of the circulating provide.

In accordance with Arkham’s tag, two of those addresses are linked to Laser Digital.

Laser Digital is a strategic investor in Mantra.” 

On Sunday, Mantra witnessed a sudden worth meltdown, dropping from a excessive of $6.35 to a low of $0.37 – a whopping decline of 94% in simply in the future. 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 worth collapse of Mantra.

“We wish to immediately handle current hypothesis round Laser Digital’s involvement within the worth 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 wish 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 worth collapse, noting that the corporations needlessly closed massive positions throughout low-liquidity hours.

At time of writing, OM is buying and selling for $0.595, down 32.5% up to now day.

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