ZachXBT identifies key figures tied to Mantra’s 90% OM token crash

Blockchain investigator ZachXBT has spotlighted two individuals, Reef Finance founder Denko Mancheski and X user Fukugo Ryōshu, as potentially linked to the sudden 90% crash of Mantra’s OM token on April 13.

On April 14, ZachXBT reported:

“The two names I keep hearing tied to the Mantra incident are Denko (Reef Finance founder) and Fukogoryushu as they had allegedly been reaching out to a number of people asking for massive loans against their OM in the days leading up to the -90% crash.”

ZachXBT stated that he arrived at these names after “speaking with multiple people who were offered the deals” in the industry.

Vortex, an algorithmic market maker, confirmed that Fukugo approached them with a similar request before the crash. While the interaction doesn’t prove wrongdoing, it adds to the suspicions surrounding the event.

As of press time, it was unclear if Mancheski and Fukugo had massive OM holdings or whether they had a relationship with the RWA project.

Neither Mancheski nor Fukugo have publicly responded to the allegations as of press time.

Insider trading?

ZachXBT’s claims deeply contrast with those of the broader community, which had been speculating that the token crash could allegedly be linked to insider trading activity.

Blockchain analysis platform Lookonchain, using data from Arkham Intelligence, claimed that wallets tied to large investors moved massive amounts of OM tokens to centralized exchanges just hours before the crash.

According to the firm, at least two wallets tied to Laser Digital, a Mantra investor, were part of a group that moved 43.6 million OM tokens, worth around $227 million, to exchanges.

The platform also noted that another wallet connected to Shorooq Partners’ founding partner, Shane Shin, received 2 million OM tokens on the day of the crash. Shorooq is another investor in Mantra.

Laser and Shorooq deny involvement

In response to the circulating claims, Laser Digital and Shorooq have denied reports linking them to the recent token sales.

Laser Digital said it had not sold OM tokens or deposited them to OKX. It clarified that the wallets in question are not under its control and that no sales occurred from its allocation.

According to the firm:

“Laser has no involvement in the recent price collapse of OM.
Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading.”

Shorooq also issued a statement denying any token sales during the crash. The firm explained that the OM collapse was triggered by a large forced liquidation during low-liquidity hours, sparking panic in the market.

It added:

“As long-term equity investors in MANTRA, our conviction hasn’t wavered. We’re here for the mission: enabling regulated real-world asset tokenization on-chain.”