The recent 90% sudden drop in the price of Mantra (OM) and the loss of $5 billion in market value led to intense criticism against the development team due to allegations of manipulation.
JP Mullin, founder of Mantra, made a new statement regarding the incidents.
JP Mullin began his social media post by thanking the messages of support his team has received over the last 36 hours. “I want to express how grateful I am for the support the MANTRA team has received over the last 36 hours. This support has come from partners, investors, friends and many other segments of the Web3 community,” he said.
Mullin said that Mantra has gone through many market cycles in the past and that they continue to develop despite all the difficulties, and claimed that this process is no exception.
Addressing OM investors, Mullin argued that the decline was largely due to the forced liquidation of positions of large OM holders on a cryptocurrency exchange.
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According to the statement, the Mantra team will release a comprehensive “post-mortem” report within the next 24 hours to reveal the details of the events.
In addition, Mullin said the OM buyback program and OM supply burn will be taken steps.
However, it is not known whether the Mantra team was aware of the alleged manipulation. Cryptocurrency detective ZachXBT previously blamed the founder of REEF, which was previously delisted from Binance due to manipulation, for the OM drop and said that it was unclear whether the Mantra development team was aware of the situation.
Users need to be careful with Mantra, which still has high volatility and fraud allegations.
*This is not investment advice.
