Token Plummets 90% in One Day! Unveiling the "Perpetrators" Behind the Crash of Mantra

Token OM of the Mantra ecosystem unexpectedly plummeted nearly 90% in one day, shocking the crypto community. As the “smoke” has yet to clear, a series of notable names have begun to be mentioned – among them is Denko Mancheski, the founder of Reef Finance. OM Plummet, Investors Rush to “Flee” On April 11, the OM token dropped from over $5 to $0.50, then recovered slightly to $0.66. According to data from Lookonchain, 43.6 million OM – accounting for 4.5% of the total supply – were transferred to the exchange by 17 wallets before the plummet.

Notably, two of them are linked to Laser Digital, a major investor in Mantra. Laser has denied all allegations: “We do not sell any tokens and are not involved in the plummet of OM.” Reef Finance Caught in the “Storm” The rapid plummet of OM quickly became a “hot” topic of investigation on social media X (Twitter). Famous blockchain investigator ZachXBT specifically named Denko (Reef Finance) and a user named Fukogoryushu who had contacted multiple parties to borrow collateralized funds using OM just before this token lost 90% of its value.

ZachXBT also reminded that Reef Finance has been involved in several scandals, from market manipulation to an $80 million OTC deal with Alameda Research in 2021. Although there is no clear evidence of a crime, the chain of events raises many questions. Mantra asserts that they are not related to the OM plummet, claiming that the cause is “reckless liquidations from outside.” However, the silence of Denko and Fukogoryushu, along with the ambiguity regarding the role of the Mantra team, leaves investors still feeling bewildered.