Blockchain investigator ZachXBT has pointed out Reef Finance founder Denko Mancheski and X user Fukugo Ryōshu as potentially linked to the sudden 90% crash of Mantra’s OM token on April 13. Mancheski and Fukogo allegedly approached individuals for massive loans against their OM holdings before the crash, according to ZachXBT. Vortex, an algorithmic market maker, also confirmed that Fukugo had made a similar request before the crash. However, it is unclear if Mancheski and Fukugo had significant OM holdings or a relationship with the RWA project at the time. As of press time, they have not publicly responded to the allegations.
Contrary to speculation in the broader community about insider trading being the cause of the token crash, ZachXBT’s claims about Mancheski and Fukugo have raised suspicions. Blockchain analysis platform Lookonchain, using data from Arkham Intelligence, reported that wallets linked to large investors moved significant amounts of OM tokens to centralized exchanges just before the crash. Wallets tied to Laser Digital and Shorooq Partners, both investors in Mantra, were allegedly involved in moving tokens. Laser Digital and Shorooq have both denied their involvement in any token sales during the crash, stating that the wallets in question are not under their control and that no sales occurred from their allocation.
Laser Digital clarified that it had not sold OM tokens or deposited them to OKX, emphasizing that the circulating claims linking them to investor selling are inaccurate. Shorooq also refuted any token sales during the crash, attributing the collapse to a large forced liquidation during low-liquidity hours. The firm expressed its commitment to the mission of enabling regulated real-world asset tokenization on-chain as a long-term equity investor in Mantra. Despite these denials, the suspicions raised by ZachXBT’s claims and the movements of OM tokens by large investors continue to fuel speculation in the community about the reasons behind the token crash.
In the aftermath of the events surrounding the crash of Mantra’s OM token, questions remain about the potential involvement of Reef Finance founder Denko Mancheski and X user Fukugo Ryōshu in seeking massive loans against OM holdings. While allegations of insider trading have circulated in the broader community, blockchain analysis has shown movements of large amounts of OM tokens by wallets linked to investors like Laser Digital and Shorooq Partners before the crash. However, both Laser Digital and Shorooq have denied their involvement in any token sales during the crash, asserting that they remain committed to the mission of enabling regulated real-world asset tokenization on-chain. The conflicting narratives and unanswered questions surrounding the events highlight the complexities of the crypto industry and the need for transparency and accountability among key players.
