Mantra DAO moves $26.96m in OM to Binance amid insider selling concerns
After the Mantra OM token collapsed by 90%, many analysts began to point the sale of initiates. Mantra Dao’s latest decision amplified these concerns.
Mantra (About) Moves more tokens to exchange portfolios, making concerns about the sale of initiates. On Monday, April 14, Mantra DAO – The organization behind the RWA -focused project – increased $ 26.96 million in OM tokens to a binance wallet.
This decision follows a 90% drop in the price of the Mantra, from the summit of the day of $ 6.28 at its current price of $ 0.7192. The crash, which has erased more than $ 5 billion in market capitalization, was blamed by several analysts for the sale of initiates.
In particular, the Mantra team controls 90% of the supply of OM token. In this context, the transfer of Mantra Dao funds has aroused new concerns about the sale of initiates.
Mantra CEO’s claims team did not throw tokens
In response to the price accident, the CEO of Mantra JP Mullin said that the sale was not due to any sale of tokens by the team or the investors. Instead, he blamed forced liquidations – triggered by centralized exchanges – for collapse.
He is contradicted by several independent analysts who followed the chain tokens movements. For example, Crypto analyst Max Brown stressed that Mantra had moved 3.9 million OM tokens to OKX just before the price accident.
It is important to note that once the tokens are moved to centralized exchanges, their activity cannot be easily followed on the chain. For this reason, independent analysts cannot prove definitively whether a sale has occurred or not. However, the exchanges themselves can investigate these movements – and according to the main CEX, surveys are underway.
Binance corroborated the explanation of the CEO. THE Exchange claimed that his first results suggest that the accident is probably due to cross -liquidations. On the other hand, Okx underlined “Major changes” to OM’s tokenomic, as well as several addresses on chain depositing tokens towards centralized exchanges.
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