TechFlow news, April 14 — Cryptocurrency investigator ZachXBT revealed today on social media that Reef Finance founder Denko and user Fukogoryushu may be linked to the Mantra ($OM) token price crash. According to reports, both individuals sought large loans collateralized with $OM several days before the token’s price dropped by 90%. Although Mantra investors denied selling prior to the crash, on-chain data shows approximately $227 million worth of $OM was transferred to exchanges before the collapse. ZachXBT noted that Reef Finance has been involved in similar market manipulation incidents in the past, which previously led Binance to delist the token in October 2024 and prompted an $80 million OTC deal with Alameda in 2021.
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