*📊 JP Mullin Clarifies #OM Price Crash: What Happened? 🤔*
JP Mullin, CEO of #MANTRA Chain, addressed the sharp overnight #OM price crash at the #Bitcoin RWA Summit. Here's what he clarified:
*Key Points:*
- *No Hack:* No hack was involved in the price crash
- *No Insider Selling:* No insider or investor selling contributed to the crash
- *Real Cause:* Large wallets using $OM as collateral were liquidated, leading to a rapid price drop
*Post-Mortem Report:*
- *Detailed Report:* A detailed post-mortem report is on the way to provide further insights
- *Transparency:* The team is taking the issue seriously and working to resolve it
*Team's Response:*
- *Canceled Appearance:* The team canceled their planned appearance at $ETH Seoul to focus on the issue
- *No Financial Benefit:* No team members benefited financially from the event
*Next Steps:*
- *All Eyes on the Team:* The community is waiting to see what steps the team takes next to address the issue and prevent similar incidents in the future
*Market Impact:*
- *OM Price:* $OM price has dropped significantly, trading at $0.6927 (-89.04%)