Okx

Mantra CEO: The recovery of OM tokens is the top priority at the moment

ChainCatcher news, according to Cointelegraph, Mantra CEO John Mullin responded to community concerns following the sharp decline of the OM token. He assured that Mantra and its partners are working to revive the OM token, but details regarding the buyback and burn are still being formulated. He stated: "We are still in the early stages of developing a potential token buyback plan." Furthermore, Mullin mentioned that the recovery of the OM token is Mantra's top priority. He denied allegations that major investors were dumping OM tokens and that the team controls 90% of the token supply, emphasizing that the related accusations are baseless and referring to the community transparency report that has been released. Mullin noted, "The largest holder of OM on exchanges is Binance," and directed the public to check Etherscan records. However, currently, the largest holder of OM wallets is the cryptocurrency exchange OKX, which holds 14% of the circulating supply, approximately 130 million tokens.Mullin also introduced the $109 million Mantra Ecosystem Fund (MEF) in collaboration with strategic investors, stating that the fund includes "dollar commitments and contributions" and will continue to invest in supporting the ecosystem. He said: "As part of the recovery plan, we will continue to invest and support the ecosystem." Additionally, he revealed that the 38 million OM transferred to Binance's cold wallet on April 14 is related to a staking program with Binance, which returned the tokens due to the program's conclusion. He also pointed out that many trades that triggered community reactions after the crash involved collateral from an unnamed exchange, stating, "For some reason, that exchange decided to no longer maintain this position, so the exchange receiving the collateral took over these positions and began to sell, triggering a chain of selling pressure and forcing more positions to be liquidated."

The price of MANTRA's OM token suddenly plummeted by 90% in the early morning, with its team attributing it to "reckless liquidation."

ChainCatcher news, according to The Block, the OM token of the Layer 1 blockchain project MANTRA, which focuses on real-world assets (RWA), dropped by about 10% between 01:20 and 02:20 Beijing time today, and then suddenly plummeted from the then price of $5.21 to about $0.50 (as of the time of this media's report), experiencing a 90% drop in just 90 minutes. Before the project's public Telegram group became inaccessible, community leader Dustin McDaniel downplayed the accusations of team sell-offs, stating that he was not aware of the situation. At 04:51, MANTRA's X account updated that the crash was triggered by reckless liquidations and was unrelated to the project itself. Co-founder John Patrick Mullin mentioned that large OM investors faced massive forced liquidations on CEX and stated that they were addressing the issue.Previously, MANTRA had been accused of controlling a large portion of the token's circulating supply in an attempt to manipulate the token price. In response, Mullin stated, "The OM token has been in circulation since August 2020, longer than most skeptics have been in the crypto space."Some investors pointed out that DeFiLlama data shows the MANTRA protocol's TVL is only about $13 million, while its fully diluted valuation is as high as $9.5 billion, which could be a risk signal. Additionally, Insomniac, the governance lead at Castle Labs, discovered that three wallets recently transferred millions of dollars worth of OM tokens to OKX and Binance, with one wallet receiving about $36 million worth of OM tokens from Binance on March 21 and then transferring about 4.3 million tokens to OKX on Saturday, suggesting a potential sell-off.
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