Mantra’s OM Token Crashes 90% Amid Suspicion of Insider Trading

Blockchain investigator ZachXBT has identified two individuals, 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. ZachXBT reported that these two names were frequently mentioned in connection with the incident, as they had allegedly been reaching out to numerous people asking for massive loans against their OM tokens in the days leading up to the crash.

ZachXBT arrived at these names after speaking with multiple industry insiders who were offered similar deals. Vortex, an algorithmic market maker, confirmed that Fukugo approached them with a similar request before the crash. While this interaction does not prove wrongdoing, it adds to the suspicions surrounding the event. As of the latest information, it is unclear if Mancheski and Fukugo had massive OM holdings or whether they had a relationship with the RWA project. Neither Mancheski nor Fukugo have publicly responded to the allegations.

ZachXBT’s claims contrast with broader community speculation that the token crash could be linked to insider trading activity. Blockchain analysis platform Lookonchain, using data from Arkham Intelligence, claimed that wallets tied to large investors moved massive amounts of OM tokens to centralized exchanges just hours before the crash. According to the firm, at least two wallets tied to Laser Digital, a Mantra investor, were part of a group that moved 43.6 million OM tokens, worth around $227 million, to exchanges. The platform also noted that another wallet connected to Shorooq Partners’ founding partner, Shane Shin, received 2 million OM tokens on the day of the crash. Shorooq is another investor in Mantra.

In response to the circulating claims, Laser Digital and Shorooq have denied reports linking them to the recent token sales. Laser Digital stated that it had not sold OM tokens or deposited them to OKX, clarifying that the wallets in question are not under its control and that no sales occurred from its allocation. The firm asserted that it had no involvement in the recent price collapse of OM and that assertions linking it to ‘investor selling’ are factually incorrect and misleading. Shorooq also issued a statement denying any token sales during the crash, explaining that the OM collapse was triggered by a large forced liquidation during low-liquidity hours, sparking panic in the market. Shorooq emphasized its long-term commitment to Mantra, stating that its conviction in the mission of enabling regulated real-world asset tokenization on-chain has not wavered.