The CEO of a real-world asset (RWA)-focused crypto undertaking is alleging that centralized exchanges could have performed a task within the sudden collapse of the undertaking’s native token.
The market cap for high RWA undertaking MANTRA (OM) plummeted by $5.431 billion on Sunday – declining from over $6.11 billion to $683.3 million in a matter of hours.
Mantra CEO JP Mullin alleges on the social media platform X that the crash was attributable to unnamed exchanges seemingly working towards the coin by needlessly closing massive positions throughout low-liquidity hours.
“We’ve got decided that the OM market actions have been triggered by reckless compelled closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash counsel {that a} very sudden closure of account positions was initiated with out ample warning or discover. That this occurred throughout low-liquidity hours on a Sunday night UTC (early morning Asia time) factors to a level of negligence at greatest or probably intentional market positioning taken by centralized exchanges.
Centralized trade companions play an essential function in offering liquidity to tasks like ours. We work carefully with them, nonetheless, they proceed to train enormously excessive ranges of discretion. When discretionary powers are exercised with out due inner and exterior oversight, dislocations like what just lately occurred can and can happen, hurting each tasks and traders alike.”
He additionally claims that the Mantra workforce didn’t take any actions that would have contributed to OM’s collapse
Mullins doesn’t title the crypto exchanges he alleges triggered the lack of worth, however he does rule out Binance.
“It was undoubtedly NOT Binance.”
At time of writing, OM is buying and selling at $0.51, down 91.2% within the final 24 hours alone.
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