- Arkham flagged OM token transfers as insider-linked, prompting swift denials.
- Laser Digital says its OM holdings are locked, and Arkham tagged the wrong wallets.
- Mantra’s CEO and investors denied dumping, citing mislabeled wallet data.
A sharp 90% drop in Mantra’s OM token on April 13 triggered community-wide scrutiny of major investor activity. Blockchain tracking platform Arkham flagged wallets allegedly tied to Laser Digital, prompting firm denials and questions around insider selling.
Suspicious OM Transfers Raise Investor Concerns
According to a post by MASTR Crypto Antiscam Team on X, 17 wallets deposited 43.6 million OM to exchanges between April 7 and 13. Two of the wallets were reportedly linked to Laser Digital, a strategic Mantra backer since 2024. The team called the transactions “very suspicious,” suggesting insider activity triggered the 90% price collapse.
A detailed Arkham Intelligence snapshot shared April 14 shows 13.8 million OM transferred to OKX by address 0xB37DB, valued at nearly $83 million. The largest single transaction, 6.5 million OM worth $41.6 million, was labeled “Laser Digital?” but not officially verified. Most transactions occurred within hours, indicating coordinated sell-side pressure across centralized exchanges.
Laser Digital Issues Public Rebuttal
The announcement published by Laser Digital on April 14 directly rejected all claims of involvement in OM’s crash or token movement. The firm emphasized that none of its wallets sent OM to OKX and rejected the Arkham-linked address as misattributed. All OM holdings remain locked, with no transfers, swaps, or exchange activity reported internally.
The five-point statement clarified Laser’s exposure stems from a strategic round dated May 2024, where OM tokens were acquired under long-term custody terms. It reiterated alignment with MANTRA’s roadmap and dismissed speculation of profit-taking or liquidity exits. The firm underscored that it holds no short-term interests in OM or plans to alter its position.
CEO, Exchanges Push Back on Insider Rumors
Mantra CEO John Mullin addressed the allegations during an AMA hosted by Cointelegraph, denying insider dumping by team members or early investors. “No one has sold,” Mullin said, adding that the association would release wallet data to prove investor transparency. He attributed the Arkham claims to mislabeled addresses.
Besides Laser, Shorooq Partners was also implicated after a wallet tied to founding partner Shane Shin received 2 million OM pre-crash. Shin denied any token sales, stating the movement reflected wallet consolidation, not liquidation. Meanwhile, Binance attributed the collapse to cross-exchange liquidations during low liquidity hours, not coordinated selling by insiders.
