ChainCatcher message, on-chain detective ZachXBT posted on platform X stating: "I have been hearing two names associated with the Mantra incident: Denko (founder of Reef Finance) and Fukogoryushu. It is alleged that in the days leading up to the 90% drop of OM that triggered the collapse, they had contacted some individuals, asking them to take out large loans using OM as collateral.For those unfamiliar with Reef Finance, the project was delisted from Binance in October 2024 and had previously engaged in an $80 million over-the-counter transaction with Alameda in 2021. REEF has also experienced similar market manipulation incidents in the past."