tl;dr
Blockchain investigator ZachXBT has identified Reef Finance founder Denko Mancheski and a user named Fukugo Ryōshu as potentially linked to the 90% crash of Mantra's OM token. Vortex, an algorithmic market maker, confirmed that Fukugo approached them with a similar request before the crash. However,...
ZachXBT identifies Reef Finance founder Denko Mancheski and Fukugo Ryōshu as potentially linked to Mantra's 90% OM token crash
Blockchain investigator ZachXBT has identified Reef Finance founder Denko Mancheski and a user named Fukugo Ryōshu as potentially linked to the 90% crash of Mantra's OM token. Vortex, an algorithmic market maker, confirmed that Fukugo approached them with a similar request before the crash. However, it is unclear if Mancheski and Fukugo had massive OM holdings or a relationship with the RWA project. ZachXBT's claims differ from the community's speculation of insider trading, with wallets tied to large investors allegedly moving massive amounts of OM tokens to exchanges before the crash. Laser Digital and Shorooq Partners, investors in Mantra, have denied involvement in the token sales during the crash.
INSIDER TRADING?
ZachXBT’s claims deeply contrast with those of the broader community, which had been speculating that the token crash could allegedly 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.
LASER AND SHOROOQ DENY INVOLVEMENT
In response to the circulating claims, Laser Digital and Shorooq have denied reports linking them to the recent token sales. Laser Digital said it had not sold OM tokens or deposited them to OKX. It clarified that the wallets in question are not under its control and that no sales occurred from its allocation. According to the firm, “Laser has no involvement in the recent price collapse of OM. Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading.” Shorooq also issued a statement denying any token sales during the crash. The firm explained that the OM collapse was triggered by a large forced liquidation during low-liquidity hours, sparking panic in the market. It added, “As long-term equity investors in MANTRA, our conviction hasn’t wavered. We’re here for the mission: enabling regulated real-world asset tokenization on-chain.”