OKX, MANTRA (OM) Price Movement Announced.

Recently, OKX cryptocurrency exchange made a statement regarding the sharp price movements of the MANTRA (OM) token, which has drawn the attention of investors. The exchange stated that the price fluctuations stemmed from coordinated transactions of accounts connected to each other and announced that all resulting losses would be covered by the OKX Security Fund.

After an unusual rise in the price of OM, OKX investigated the reasons behind the subsequent sharp drop. According to the statement, some users borrowed a large amount of Tether (USDT) using a considerable amount of OM tokens as collateral, attempting to artificially inflate the price. The exchange expressed that its risk team detected these transactions at an early stage and contacted the account holders to request rectification of the erroneous trades. However, after these requests were rejected, OKX had to take over the management of the connected accounts. Following this step, a sharp drop in the price of OM was observed.

According to OKX's statements, the exchange only conducted a very limited amount of OM liquidations in response to this situation. However, the rapid price drop resulted in significant losses for investors. OKX emphasizes that all losses incurred will be compensated by the OKX Security Fund. Additionally, third-party analyses indicate that this price crash was largely caused by transactions in continuous futures markets outside of OKX.

Furthermore, OKX stated that no clear explanation has been provided regarding the source of the unusually large amounts of OM and that it remains unclear how these accounts control a significant portion of the token supply. The exchange reported that all evidence and documents have been sent to regulatory authorities and law enforcement, and multiple lawsuits and legal processes are ongoing. OKX reiterates its commitment to protecting its users and fully cooperating with regulators.