"5 hours before OM crash, large transfer from a 1-year inactive wallet... External intervention?"

Minseung Kang

Summary

Recently, as the MANTRA(OM) token plummeted, it was revealed that 2 million OM was transferred from a wallet that had been inactive for a year, 5 hours before the crash.
This movement was a transfer to a wallet related to the founder Shane Shin, suggesting the possibility of a connection with OTC transactions and a preemptive response to prevent market collapse.
Blockchain data analysis company Lookonchain stated that the owner of the wallet and the purpose of the transfer have not been officially confirmed.

Recently, as the MANTRA(OM) token plummeted by nearly 90%, it was revealed that there was a suspicious large-scale token movement 5 hours before the incident.

Earlier that dawn, the price of OM tokens plummeted from about $6.3 to $0.4 in just one hour. Approximately 8 trillion won in market capitalization evaporated. This is evaluated as the largest drop since the Terra·Luna incident in 2022.

On the 14th, through the blockchain data analysis company Lookonchain X (formerly Twitter), it was revealed that "5 hours before the OM crash, a wallet that had been inactive for a year moved 2 million OM," and "the funds were transferred to a wallet suspected to be related to Shane Shin."

Lookonchain said, "This transfer is noteworthy as it may be related to the rumored OTC transaction." According to Lookonchain, the wallet received 2 million OM, worth about $12.58 million at the time, but its current value has plummeted to $1.57 million.

Some speculate that the transfer could be a market-making or large-scale sell-off preparation, while others suggest it could be a preemptive response to prevent market collapse. Meanwhile, the actual owner of the wallet or the purpose of the transfer has not yet been officially confirmed.