Mantra says OM’s crash was due to “reckless liquidations.” Source: Mantra/ExyApril 13 (22:00–00:00 UTC)Mantra co-founder and CEO John Patrick Mullin posted a more detailed statement on X, claiming OM’s market action was triggered by “reckless forced closures initiated by centralized exchanges on OM account holders.”“The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” Mullin said.“That this happened during low-liquidity hours on a Sunday evening UTC (early morning Asia time) points to a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges.”Related: Atkins becomes next SEC chair: What’s next for the crypto industryApril 14 (00:00–02:00 UTC)In the days leading up to the crash, at least 17 wallets had deposited a total of 43.6 million OM (worth $227 million) into Binance and OKX, according to blockchain tracker Lookonchain.
OKX will make all of the reports ready! ”OKX stated, “Following the incident, we have conducted investigations and identified major changes to the MANTRA token’s tokenomics model since Oct 2024, based on both publicly available on-chain data and internal exchange data.“Our investigation also uncovered that several on-chain addresses have been executing potentially coordinated large-scale deposits and withdrawals across various centralized exchanges since Mar 2025.”April 14 (05:00–12:00 UTC)Laser Digital denied ownership of the wallets tagged by Arkham and reported by Lookonchain, calling them mislabeled.“We want to be absolutely clear: Laser has not deposited any OM tokens to OKX.
Additionally, he reassured users that OM token recovery is the team’s primary concern. “We’re still in the early stages of putting together this plan for a potential buyback of tokens,” he said. Related: The whale, the hack and the psychological earthquake that hit HEXApril 14 (13:00–16:00 UTC)More theories started emerging.
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