Mantra’s Chief denies Insiders Selling Before Crash

Mantra CEO John Mullin refuted reports that suggested significant token transfers by prominent Mantra investors in the days preceding the abrupt collapse of the OM token.

“The Mantra association, our key investors, our advisers no one has sold, and we are going to categorically deny and also provide verifiable onchain proof that this is the case,” Mullin said

It was reported that Laser Digital, a strategic investor in Mantra, cashed out a significant amount of Mantra (OM) tokens before the cryptocurrency’s collapse on April 13.

Mantra CEO Mullin emphasized that the company had no idea who was dumping OM before it crashed despite disputing the veracity of Arkham’s data.

“Those wallets don’t belong to Shorooq, but I’m not sure who they belong to,” Mullin remarked. “I am aware that Laser does not own them. I am aware that our important institutional partners do not include them.”

Mullin thinks the wallets were “mislabeled by Arkham.” The platform also disclosed its primary wallet addresses in a transparency report released on April 8.

The blockchain analytics platform Lookonchain reported on April 13 that at least two wallets associated with Laser Digital were part of 17 wallets that transferred a total of 43.6 million OM tokens, which at the time were valued at roughly $227 million, to exchanges before the crash, citing data from Arkham Intelligence.

Data from Arkham indicates that one wallet connected to Laser Digital had moved away.

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.

19 hours ago

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