Denial: Laser Digital Disclaims Mantra Crash
Switzerland-based trading powerhouse Laser Digital, a member of the renowned Nomura Group, has stepped forward to firmly deny any connection to the sudden and dramatic flash crash of the Mantra token (OM). This crash saw OM’s value plummet by a staggering 90%.
Responding to online chatter, Laser Digital directly addressed the rumors. “Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” the firm clarified in a statement on X.
In an effort to further demonstrate their lack of involvement, Laser Digital openly shared the addresses of their controlled Mantra wallets. Crucially, a review of these wallets showed absolutely no evidence of deposits being made to exchanges or any selling activity taking place.
Despite Laser Digital’s denial, the crypto community remains intensely curious about the true cause of OM’s violent price collapse. The Mantra team, for their part, maintains that the crash was triggered by wider pressures affecting the entire market and centralized exchanges unexpectedly closing out positions, which unfortunately set off a cascading wave of liquidations.
Adding to the conversation, OKX offered their perspective, stating that the extreme price swings were the result of a sudden surge in trading volume combined with an initial dip in price observed across various exchanges *outside* of OKX. This volatility then quickly spread throughout the broader market.
Adding another layer to the story, data reveals that in the lead-up to the crash, a group of 17 wallets deposited a significant 43.6 million OM tokens, valued at $227 million, onto exchanges. This substantial deposit seemingly sparked a wave of panic among holders, especially given that the Mantra team reportedly holds a dominant 90% of the token’s circulating supply. This combination of factors likely contributed to the initial rush to sell.
As it stands, OM is currently trading at around $0.57. This represents a stark 90% decrease from its high of $6.14 earlier in the day. Interestingly, despite the price drop, trading volume has exploded by an enormous 3,425%, reaching $2.6 billion, according to data from CoinMarketCap.
