Blockchain analysts have uncovered significant token transactions by prominent investors in the days preceding the drastic decline of the OM token, casting doubts on the possibility of insider trading and the overall viability of the project.
Reports suggest that a key investor in Mantra, Laser Digital, liquidated substantial quantities of OM tokens just before the cryptocurrency’s plunge on April 13, as revealed by on-chain data.
At least two wallets associated with Laser Digital were identified among 17 wallets that collectively transferred 43.6 million OM tokens—valued at approximately $227 million at that time—to exchanges prior to the collapse, according to analysis provided by a blockchain analytics platform referencing additional data.
Laser Digital, a digital asset company supported by Nomura, had previously made a strategic investment in Mantra in May 2024.
### Millions in OM Transferred to Binance and OKX
Analysis has indicated that one wallet linked to Laser Digital transferred around 6.5 million OM tokens (equating to $41.6 million at that moment) to OKX through seven transactions since April 11.
Another wallet dispatched roughly 2.2 million OM (worth $13 million) to Binance, initiating a series of transfers on April 3.
Further data implies that Laser Digital may have begun diminishing its OM holdings as early as February. Wallets tied to the firm reportedly acquired a significant share of their OM from a cryptocurrency trading firm in 2023.
Laser Digital has since refuted claims that it was involved in the OM volatility, asserting that the wallets in question do not belong to them.
“Laser has no involvement in the recent price collapse of OM,” the firm stated in a post, asserting that social media claims linking them to ‘investor selling’ are inaccurate and misleading.
### Activity from Other Investors in Mantra
Laser Digital was not the only Mantra investor active before the OM decline.
Data indicates that a wallet connected to a founding partner of another investment firm received 2 million OM tokens mere hours before the crash. The tokens were transferred from a previously inactive wallet that had received 2.75 million OM in April 2024.
Both Laser Digital and the other aforementioned investment entity are part of the $109 million Mantra Ecosystem Fund announced on April 7.
A representative for the latter clarified that neither they nor their partners had sold OM tokens leading up to or during the crash, emphasizing their commitment to the project’s long-term success.
### Exchanges Attribute OM Collapse to “Cross-Exchange Liquidations”
As major exchanges like OKX and Binance experienced substantial OM trading activity before and during the downturn, both addressed the situation head-on. The founder of OKX described the incident as “a significant scandal for the entire crypto industry.”
While the CEO of Mantra attributed the OM crash to a single exchange, Binance pointed towards “cross-exchange liquidations” as a contributing factor.
“Our preliminary findings suggest that the recent events are a consequence of cross-exchange liquidations,” Binance stated in an announcement.
In a follow-up, OKX acknowledged that Mantra’s tokenomics had undergone significant changes since October 2024 and flagged unusual activity across multiple trading platforms.