#om
😐 «The crash of the OM token is the result of betrayal within the Mantra team,» - OddEyeResearch
◽️A group of insiders controlled >90% of tokens - they managed volumes on CEX in a coordinated manner, which signals market manipulation.
◽️The manipulations went through Binance, while the price pumping coincided with large token inputs/outputs.
◽️Initially, the team wanted to release a new AUM token and attract $11,000,000 of investment.
◽️After the advice of a third party, they decided to use the old token for the pump, allegedly in order to increase the chances of listing.
Manipulations in 2023 and 2024:
- December 2023: pump from $20m to $100m FDV
- February 2024: pump from $200m to $1b FDV
In both cases, there was a sharp outflow of OM from the exchanges before the price rise and the return of tokens back after.
CEO of CryptoQuant: «Market manipulation is a crime.»
