Unpacking Mantra’s OM crash requires forensic study — CertiK exec
Mantra founder and CEO John Mullin is initiating an $80 million burn of OM tokens to restore user trust after the token's crash in April. The reasons behind the crash remain unclear, necessitating a detailed forensic investigation, according to blockchain investigator Natalie Newson. She emphasized the need to differentiate between public onchain activity and opaque over-the-counter (OTC) transactions. Mullin disclosed that the Mantra team engaged in OTC deals totaling up to $30 million. Newson noted that a whale's accumulation of approximately 100 million OM tokens likely stemmed from secondary market transactions rather than insider activity. Mullin denied allegations of an insider token dump, asserting that blockchain analytics platforms like Arkham misidentified wallets. Newson stated that basic wallet tracing is insufficient to confirm insider involvement without access to offchain agreements. The complexity of tracing transactions in the OM crash has been highlighted by multiple experts, and Mullin is considering hiring a forensic auditor.
