Source: Cointelegraph Original: "{title}"
After the sudden crash of the OM token in early April, John Mullin, founder and CEO of Mantra, has begun to burn $80 million worth of OM tokens to regain user trust. However, blockchain investigators have told Cointelegraph that the underlying reasons for the OM crash remain unanswered.
Natalie Newson, a senior blockchain investigator at the blockchain security firm CertiK, stated that analyzing the OM crash incident requires a detailed legal investigation, not just basic blockchain analysis.
"To confirm allegations of intentional manipulation, a complete legal investigation similar to that after the FTX incident is needed," Newson emphasized to Cointelegraph the challenges of tracking over-the-counter (OTC) trades.
A few days after Mantra released a statement about the crash and requested assistance from centralized exchange partners to further investigate the incident, Newson commented on the OM crash.
Regarding the OM token crash, CertiK's Newson highlighted the importance of distinguishing between public on-chain activities and "more opaque OTC trades."
Mantra CEO Mullin publicly disclosed in an interview with Coffeezilla on April 15 that the Mantra team "conducted a small amount of OTC trades," involving up to $30 million worth of OM tokens.
Unlike traceable transactions on centralized exchanges, cryptocurrency OTC trading involves buying and selling cryptocurrencies outside of exchanges, aiming to achieve deep liquidity and large transactions while reducing price volatility.
"In this case, a large holder accumulated about 100 million OM tokens, which seems to be the result of secondary market trading, rather than direct actions by Mantra insiders," Newson stated.
As mentioned earlier, Mullin denied that the OM crash was caused by insider selling of tokens, claiming that the blockchain analysis platform Arkham "misidentified" some wallets.
Newson indicated that data from Arkham and similar platforms (like Nansen) is insufficient to confirm or deny insider involvement.
"To confirm coordinated insider behavior, more than just basic wallet tracking on platforms like Arkham or Nansen may be required," Newson added.
In emphasizing the complexity of tracking trades related to the OM token crash, Newson is not alone.
Frank Weert, co-founder of Whale Alert, told Cointelegraph, "While there are ways to obtain data from nodes, getting a complete historical record does not seem easy."
Mullin previously stated that the team has been considering hiring a legal auditor after the OM crash, but as of April 16, no decision has been made.
For the Mantra incident, Arkham has not responded to multiple requests for comment from Cointelegraph.
Related: Mantra states that the CEO has initiated a program to burn 150 million OM tokens.
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