Enes
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🚨 OKX Statement on $OM (MANTRA)❗
As the MANTRA team continues to push a misleading narrative:
1️⃣ OKX identified clear evidence that multiple connected, colluding accounts used large amounts of $OM as collateral to borrow significant USDT, artificially driving OM’s price higher.
2️⃣ OKX’s risk team flagged the abnormal activity, contacted the account holders, and requested corrective action. They refused to cooperate.
3️⃣ To contain systemic risk, control of the related accounts was taken. Shortly after, OM’s price crashed.
• OKX liquidated only a very small portion of OM
• Losses caused by the sharp price collapse were fully absorbed by the OKX Security Fund
4️⃣ Independent third-party analyses indicate the price crash was primarily driven by perpetual trading activity outside of OKX.
5️⃣ The OKX Security Fund operated exactly as designed.
There has been no explanation for:
• Where the unusually large quantities of OM originated
• Why a small group controlled such a large share of the token supply
6️⃣ OKX has submitted full evidence and documentation to regulators and law-enforcement agencies.
7️⃣ Multiple lawsuits and legal proceedings are currently underway.
As the MANTRA team continues to push a misleading narrative:
1️⃣ OKX identified clear evidence that multiple connected, colluding accounts used large amounts of $OM as collateral to borrow significant USDT, artificially driving OM’s price higher.
2️⃣ OKX’s risk team flagged the abnormal activity, contacted the account holders, and requested corrective action. They refused to cooperate.
3️⃣ To contain systemic risk, control of the related accounts was taken. Shortly after, OM’s price crashed.
• OKX liquidated only a very small portion of OM
• Losses caused by the sharp price collapse were fully absorbed by the OKX Security Fund
4️⃣ Independent third-party analyses indicate the price crash was primarily driven by perpetual trading activity outside of OKX.
5️⃣ The OKX Security Fund operated exactly as designed.
There has been no explanation for:
• Where the unusually large quantities of OM originated
• Why a small group controlled such a large share of the token supply
6️⃣ OKX has submitted full evidence and documentation to regulators and law-enforcement agencies.
7️⃣ Multiple lawsuits and legal proceedings are currently underway.
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