New things have been added to Altcoins, which have experienced a sharp decline in recent weeks. Therefore, Mantra (OM) listed in Binance fell more than 80% in seconds.
This decline has a shocking impact on investors, but everyone thinks it's why.
At this point, Mantra CEO John Patrick Marin said that the team members and partners who sold the OM tokens were not selling the OM tokens.
While these claims continue to be debated in the Crypto community, OKX founder and CEO Star Xu has said the mantra crash is a “big scandal” and has pledged to release relevant reports soon.
Binance said in a statement that the initial findings showed that the sudden drop in the price of OM tokens was due to liquidation between exchanges.
The sharp decline in mantras is still awaiting clarification, but the statement came from Binance founder Changpeng Zhao (CZ).
CZ said, “Like everyone else, I'm wondering, 'What happened to this?' I didn't know about the project until the crash. “He answered a question about whether Binance is doing due diligence at OM.
CZ said Binance is paying attention, referring to Binance's statement on OM tokens. In a statement, Binance said it has implemented a variety of risk management measures, including reducing leverage levels for OM tokens since October last year.
CZ said there is no need to set up a listing process either CEXS or DEX, and access to all tokens must be granted, and the investment process must be determined by the user.
Regarding how to understand the risks of projects like OM, CZ said “the number of actual users” is generally a good indicator of the risk situation in Altcoins.
Finally, CZ added that investors should focus on basics like user growth, revenue and profitability when investing in Altcoins, rather than chasing hype or rumors.
*This is not investment advice.
