OKX: Definite Evidence of Manipulation of OM Price Detected, Multiple Legal Actions and Judicial Procedures Underway

OKX announced on social media that it has discovered concrete evidence indicating multiple associated and colluding accounts using a large amount of OM tokens as collateral, borrowing a huge amount of USDT, artificially inflating the OM price.

The OKX risk team promptly flagged this abnormal activity, contacted the account holders, and requested correction, but they refused to cooperate. To control the risk, the platform took control measures against these associated accounts. Shortly after, the OM price plummeted. OKX only liquidated a very small portion of the OM collateral, while the significant losses caused by the sharp drop in price were fully covered by the OKX security fund.

Multiple third-party analyses indicate that the price crash was mainly driven by perpetual contract trading activities on non-OKX trading platforms. The OKX security fund operated in accordance with its design mechanism. As of now, the other party has not explained the source of the large amount of OM tokens, nor why these groups hold and control such a large proportion of the token supply.

Currently, OKX has submitted complete evidence and documents to regulatory agencies and law enforcement agencies, with multiple legal actions and judicial procedures underway. At the same time, OKX condemns the MANTRA team for not only failing to respond to these serious and suspicious activities, but also continuing to ignore the facts and publicly accuse OKX.

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