Main takeout
- MANTRA’s co -founder said that OM tokens fell 90% due to forced liquidation due to centralized exchange.
- MANTRA refuses to participate in the MANTRA team or investor’s participation in price drops.
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John Patrick Mullin, a co -founder and CEO of Mantra, mentioned the sudden drop of 90% of Om token on Sunday, and CEXS’s “Recking Forced Closing” was not an internal activity of the project team, but a decline.
A few hours after the conflict, Mullin said in a statement in the community, “The timing and depth of the collision suggest that a very sudden account position has begun without sufficient warning or notice.
Entrepreneurs argued that this problem is an unexpected “reckless” behavior of CEXS that OM is trading, but this problem is not known.
“This occurred during the low liquid time of UTC on Sunday evening, and pointed out the intentional market positioning taken on the centralized exchange.”
Mullin pointed out that the exchange continues to exercise a high level of discretion, and warns that when such authority is used without supervision, “pretreatment like a recent thing can happen as if it can harm both projects and investors.”
OM tokens, which peaked at $ 9 earlier this year, fell from $ 6.3 to $ 6.3 on April 13. At the time of writing, the token was slightly recovered to more than $ 1.
Mantra was charged with off -road bags. But Mullin denied this claim, saying, “This dislocation was not caused by the team, Mantra chain association, core torture, or investor in MANTRA.”
Mullin added that it is still locked according to the investment schedule of all teams and investor tokens. He also insisted that OM tokens’ basic token genetic has not changed.
MANTRA, the first Defi protocol of Dubai Virtual Asset Regulatory Authority (VARA), plans to hold a community debate on X to solve the recent case.
This explanation did not ease concerns in the encryption community. Many still felt that the statement was lacking in transparency. In a subsequent post, Mullin said the team is trying to compile the details of the situation.
Previously, some Altcoins, including ACT I: AI PropheCy, had a sharp decline in Binance. After Binance revised the margin requirements, the decrease has been reduced, which can increase the risk of liquidation of the location that cannot be seen.
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