OKX, Seychelles-based cryptocurrency exchange, reported a significant on-chain activity involving multiple addresses linked to the OM token. The addresses exhibited same patterns where large deposits and withdrawals were made across various exchanges since March 2025. This information has raised concerns about potential market manipulation through insider trading.
OKX also reported that the OM token underwent significant changes in October 2024. There are chances that these changes might have influenced the trading strategies and contributed to the unusual on-chain patterns.
The reporting by OKX team indicates that the exchange is making efforts to reduce the risks for the investors and alert users of such situations.
Background on OM Token
OM token is a native cryptocurrency of the Mantra DAO ecosystem, a decentralized finance (DeFi) platform. The ecosystem leverages blockchain technology to offer services such as staking, lending, and governance.
OM token is said to be a key player in securing the Mantra Chain, a layer 1 blockchain. The securing is carried out by using proof-of-stake (PoS) consensus mechanism.
The token is also utilised for transaction fees, governance, and accessing the Guard Module, which is known to provide additional security features to the layer 1 blockchain.
The OM token suddenly experienced a sharp downfall where its price collapsed by 90% in value. This downfall sparked speculation about how this could be a rug pull, and the crypto community members started questioning the integrity of the Mantra team.
It is said that OM team controls over 90% of the token supply. This gave the crypto community another point to wonder if this downfall was because of insider trading or was it just market manipulation.
At press time, the price of the token stands at $0.6995 with a dip of 88.9% in the last 24 hours as per CoinGecko.
Co-Founder Denies Allegations
According to Mantra’s co-founder John Patrick Mullin, the crash was triggered by centralized exchanges that recklessly closed positions without warning, particularly during the low-liquidity hours. This sudden closure led to a sharp decrease in the value of the token.
Moreover, a wallet which has been linked to Mantra’s team deposited 3.9 million OM token on to OKX. This led to an increased selling pressure. The Mantra team has denied all speculations of insider trading and rug pull. The market has wiped out billions, but the co-founder Mullin has denied all these allegations.
Also Read: Binance on $OM Flash Crash: Mainly Triggered by Cross-Platform Liquidations
