Nomura-backed Laser Digital emerged from the shadows yesterday to firmly deny any involvement in the catastrophic OM token collapse that sent shockwaves through the crypto market. The OM token’s value plummeted by a staggering 90%, leaving investors gasping for air and clutching empty digital wallets.
In a shocking turn of events, Laser Digital crawled from the shadows to deny ties with OM token’s devastating 90% collapse.
Amid the wreckage, fingers pointed at several key players, including the prominent Nomura subsidiary. The collapse unfolded like a digital house of cards, with blockchain data revealing that 17 wallets transferred approximately $227 million worth of OM tokens to exchanges before the crash. Market participants watched in horror as liquidation cascades triggered over $70 million in losses within a mere 24 hours. Some unfortunate souls saw positions worth more than $1 million evaporate like morning mist. The incident highlights the inherent risks of smart contract vulnerabilities in decentralized finance platforms.
“Our core OM investment remains locked and unchanged,” insisted Laser Digital, brushing away accusations like unwanted crumbs from a tailored suit. The firm, which made a strategic investment in Mantra just this May, emphasized that the suspicious wallets weren’t under their control. Laser Digital clarified that the alleged transfers were part of a third-party financing trade.
Meanwhile, fellow investor Shorooq Partners also rushed to distance themselves from the digital carnage. OKX CEO Star Xu didn’t mince words, calling the situation “a major scandal” and promising to shine a spotlight on the murky waters through transparent on-chain data. The crypto community, ever skeptical, shared raised eyebrows and pointed questions across social media platforms.
Blockchain sleuths from Lookonchain and Arkham Intelligence have been piecing together the digital breadcrumbs, while noted investigator ZachXBT hinted at possible connections to other industry figures. The investigation continues to unfold like a high-stakes digital whodunit.
Mantra’s team stands firm in their narrative that market pressures, not insider trading, caused the crash. JP Mullin, co-founder of Mantra, specifically attributed the market plunge to reckless liquidations by exchanges rather than team selling. Yet the disconnect between official statements and blockchain evidence leaves many unconvinced.
As exchanges adjust risk parameters and investigators comb through transaction histories, the crypto world waits—sometimes breathlessly—for answers.
