By Bardil 
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Blockchain intelligence platform LOOKONCHAIN has revealed that tokens from the Real-World Asset (RWA) crypto project MANTRA (OM), valued at hundreds of millions of dollars, were transferred to digital asset exchanges shortly before a dramatic price crash.
According to LOOKONCHAIN, multiple wallets moved millions of OM tokens to major cryptocurrency exchanges, including OKX and BINANCE, prior to Mantra’s 90% price plunge over the weekend.
“Who dropped the price of OM? Before the OM crash (since Apr 7th), at least 17 wallets deposited 43.6 million OM ($227 million at the time) into exchanges, accounting for 4.5% of the circulating supply,” the platform stated. “According to Arkham’s tag, two of these addresses are linked to LASER DIGITAL, a strategic investor in Mantra.”
On Sunday, Mantra experienced a catastrophic price drop, plummeting from a high of $6.35 to a low of $0.37—a staggering 94% decline in a single day. This collapse also saw its market capitalization shrink from $6.11 billion to $683.3 million.
In response to speculation, LASER DIGITAL, a crypto asset management firm, denied any involvement in the price collapse. “We want to directly address recent speculation around Laser Digital’s involvement in the price action of OM (Mantra). Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading. On-chain movements of OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets,” the firm stated.
Meanwhile, JP MULLIN, CEO of Mantra, attributed the sudden price collapse to actions by crypto exchanges, claiming they unnecessarily closed large positions during periods of low liquidity.
At the time of writing, OM is trading at $0.595, marking a 32.5% decline in the past 24 hours.
Sources: Lookonchain/X, Laser Digital/X
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