Blockchain investigator ZachXBT has spotlighted two individuals, Reef Finance founder Denko Mancheski and X user Fukugo Ryōshu

ZachXBT has spotlighted two individuals, Reef Finance founder Denko Mancheski and X user Fukugo Ryōshu, as potentially linked to the sudden 90% crash

Investigators are looking into the possibility that Reef Finance founder Denko Mancheski and X user Fukugo Ryōshu may be linked to the sudden 90% crash of Mantra’s OM token on April 13.

This speculation arises from a post by blockchain investigator ZachXBT, who has been following the incident closely. In his post on April 14, ZachXBT claimed that he keeps hearing the names Denko and Fukugo in connection with the incident, and that the duo were allegedly reaching out to a number of people, asking for massive loans against their OM in the days leading up to the -90% crash.

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. DM’s open for any info.

— ZachXBT (@ZachXBT) April 14, 2023

According to the investigator, he arrived at these names after speaking with multiple people who were offered the deals in the industry.

Moreover, confirmed that Fukugo approached them with a similar request before the crash. While this interaction doesn’t necessarily denote any wrongdoing, it adds to the suspicions surrounding the event.

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

Mancheski and Fukugo have not yet responded to the allegations.

Insider trading?

It is worth noting that 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.

Indeed, 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.

However, responding 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.

“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,” the firm stated.

Issuing a joint statement with R वास्तव में, Laser Digital added that it is focused on supporting the long-term success of R वास्तव में.

On the other hand, 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.

“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,” the statement concluded.