A bombshell revelation has shaken the crypto community. Renowned blockchain detective ZachXBT recently took to social media to share a striking update regarding the Mantra event. According to ZachXBT, two names keep popping up in connection with this incident: Denko, the founder of Reef Finance, and Fukogoryushu.
What's particularly alarming is that just days before the OM token plummeted by a staggering 90%, these individuals were reportedly seeking large long loans, using their OM tokens as collateral. This news raises eyebrows, especially given Reef Finance's checkered past.
In 2021, Reef Finance's team executed an over-the-counter trading deal worth $80 million with Alameda Research, a company infamous for its ties to FTX. Furthermore, the Reef token was delisted from major centralized exchanges in October 2024, casting a shadow over the project's credibility.
The connection between these events and the recent OM token dump is still unclear, but the coincidence is undeniable. As the crypto community digests this news, one thing is certain - the spotlight is now firmly on Denko, Fukogoryushu, and the circumstances surrounding the OM token's dramatic decline.
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