According to Mantra co -founder, forced liquidations OM TOKENS 90% function have triggered

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John Patrick Mulllin, the co -founder and CEO of Mantra, addressed the abrupt price decline of OM TOKEN on Sunday and explained that “ruthless forced development” caused the decline on CEXs instead of the project team the alleged internal activity.

“The timing and the depth of the crash suggest that a very sudden closure of the account positions was initiated without adequate warning or announcement,” said Mulllin a few hours after the crash has appeared in a declaration to the community.

Although the entrepreneur did not name a specific platform, he argued that the problem was the possibly not controlled and “ruthless” actions of the CEX, in which OM was traded.

“That during the hours with low liquid on a UTC Sunday evening (early in the early morning of Asia) this shows to a certain degree of negligence or possibly deliberate market positioning by centralized stock exchanges,” he said.

Mullin found that these exchanges “continue to exercise enormously high discretion” and warned that “transfers that have recently happened when such powers are used without supervision and both projects and investors are equally injured”.

The OM -token, which reached its peak with 9 US dollars at the beginning of this year, fell from USD 6.3 to $ 0.37 on April 13. At the time of writing, the token easily recovered over $ 1.

Mantra was accused of unloading her bag. However, Mullin denied these claims and emphasized that “this transfer was not caused by the team, the Mantra Chain Association, its core consultants or the investors from Mantra”.

Mullin added that all team and investors token are still closed according to their publicly open exercise plans. He also claimed that the basic tokenomics of the OM TOKEN remain unchanged.

Mantra, which recently became the first Defi protocol that was licensed by Dubais Virtual Assets Regulatory Authority (Vara), plans to organize a community discussion on X to tackle the latest incident.

The explanation did not solve the concerns in the crypto community. Many were still of the opinion that the statement did not have transparency. In a follow-up contribution, Mullin said that the team was working on creating details of the situation.

Previously, several old coins suffered a severe decline in Binance, including act I: the AI ​​prophecy, which declined by 50%, Dexe, which fell 38%, and DForce by 19%. The declines came after the revised Margin requirements of Binance, which could increase the liquidation risks for sub -collateralized positions.

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