This is a next level sh*t. You’ve seen rug pulls, you’ve seen pump-and-dumps, but the OM token crash?
Epic. If you think a few blockchain sleuths poking around is gonna solve this, you’re dreaming.
The experts at CertiK, they know a thing or two about digital crime scenes, and even they’re saying, this job needs a full-blown forensic operation, not just a couple of guys with magnifying glasses.
Something happened
John Mullin, the boss over at Mantra, is burning $80 million worth of OM tokens to try and win back the crowd after OM’s price tanked earlier this April.
But let’s not kid ourselves, nobody really knows what happened yet. Blockchain investigators are scratching their heads, and the real story’s still locked in the trunk.
Natalie Newson, a big shot at CertiK, says you can’t just look at a few wallet addresses and call it a day. You want the truth? You need a forensic deep dive, like the kind they did after the FTX fiasco.
Tracking over-the-counter deals is like tailing a ghost, those trades don’t leave the kind of trail you can follow with a flashlight and a hunch.
Public ledger
Now, Mullin, he’s out there telling Coffeezilla that, sure, Mantra did a little OTC business, just a small $30 million worth of OM tokens. No big deal, right? Except, OTC trades are made to be sneaky.
They’re for the whales, the big players, the ones who want to move mountains without making waves.
You don’t see those trades on the public exchanges. They’re done in back rooms, with handshakes and maybe a wink.
So when a whale scoops up 100 million OM tokens, was it an inside job? Newson says, not so fast. It looks like it was all secondary market action, not necessarily the work of Mantra’s own crew.
But here’s the rub, even the best analytics platforms, Arkham, Nansen, you name it, can only give you hints, not hard proof.
If you want to know if insiders pulled a fast one, you need more than wallet tracing. You need off-chain records, exchange data, the whole nine yards. OMscan dot io won’t get the job done.
Miracle
Even Frank Weert from Whale Alert, another guy who knows his way around a blockchain, says getting the full story is like pulling teeth.
There’s data in the nodes, sure, but good luck getting the whole history without a subpoena and a miracle.
Mullin says he might bring in a forensic auditor, but as of mid-April, it’s all talk.
Until someone gets their hands dirty and digs deep, the real cause of the OM crash stays buried, just another unsolved mystery of the crypto market.
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