Newson said that data from Arkham and similar platforms like Nansen would be insufficient to confirm or deny insider involvement.“To confirm coordinated insider behavior, it would likely require more than just basic wallet tracing on platforms like Arkham or Nansen,” Newson said, adding:“Blockchain analytics tools can provide directional clues, but without access to offchain agreements and centralized exchange records, drawing definitive conclusions would be difficult.”Newson is not alone in highlighting the complicated nature of tracing transactions in the OM token crash.
Unpacking Mantra’s OM crash requires a detailed forensic study rather than just basic blockchain analysis, Natalie Newson, senior blockchain investigator at the blockchain security firm CertiK, said.“A full forensic investigation, akin to what we saw post-FTX, would be needed to substantiate claims of calculated exploitation,” Newson told Cointelegraph, highlighting challenges of tracing over-the-counter (OTC) transactions.
Onchain activity versus opaque OTC dealsAddressing the OM token crash, CertiK’s Newson stressed the importance of distinguishing between public onchain activity and the “more opaque nature of OTC deals.”Mantra CEO Mullin publicly disclosed that the Mantra team “has done a small amount of OTCs” up to $30 million of OM tokens in an interview with Coffeezilla on April 15.
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