The CRYPTO project, which focuses on the actual asset (RWA), argues that the centralized exchange played an important role in the sudden collapse of the basic tokens of the project.
The market capitalization of the top RWA project MANTRA (OM) plunged from $ 543.1 billion on Sunday, down from $ 61 billion to $ 663.3 million in a few hours.
Mantra CEO JP MULLIN claims that in the social media platform X, it has been closed for unnecessarily large positions for low collision liquid times, causing collisions due to the exchange of names that do not work against coins.
“We decided that the OM market movement was caused by a reckless forced closure that began by the exchange of OM account holders. The timing and depth of the conflict suggest that the sudden closure of the account position began without sufficient warning or notice. It occurred during the low liquid time during the intentionally intentionally distinguished centralized centralized time.
Centralized exchange partners play an important role in providing liquidity to projects like us. We work closely with them, but they continue to exercise high levels of discretion. When exercising discretionary authority without internal and external supervision, dislocations such as what happened recently can harm both projects and investors. ”
He also argues that the Mantra team has not taken measures to contribute to OM’s collapse.
MULLINS does not reveal the name of the password exchange claiming that it caused value loss, but excludes Binance.
“This was definitely not by Nis.”
At the time of writing, OM is trading at $ 0.51, down 91.2% in the last 24 hours.
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Created image: Midjourney