JP Mullin CEO of #MANTRA Chain, addressed the sharp overnight #OM price crash at today’s #Bitcoin RWA Summit. Here’s what he clarified
No hack involved
No insider or investor selling
The real cause❓ Large wallets using $OM as collateral were liquidated leading to a rapid price drop.
He confirmed that a detailed post-mortem report is on the way. Mullin also emphasized that no team members benefited financially from the event. In fact, the team even canceled their planned appearance at $ETH Seoul to fully focus on the issue.
They seem to be treating this seriously now all eyes are on what steps they take next.
