TechFlow, April 14 — According to on-chain analyst Lookonchain (@lookonchain), five hours before the OM token price plummeted, a wallet that had been dormant for one year transferred 2 million OM tokens to an address suspected to be linked to Shane Shin (@KeunShane), founding partner of Shorooq Partners. The transfer was worth approximately $12.58 million at the time and is currently valued at $1.57 million.
Shorooq Partners is a United Arab Emirates-based venture capital firm focused on seed-stage funding in the Middle East and North Africa region. It previously led MANTRA's $11 million funding round announced in March 2024.
Earlier report, Rui from HashKey Capital and Ye Su, Founding Partner of ArkStream Capital, exposed on X that OM was an OTC pump driven by Middle Eastern capital, though no specific Middle Eastern investors were named in the disclosure.
