Yigit Taha OZTURK 
The reasons behind Mantra’s OM token crash can’t be fully explained with blockchain analytics alone, according to Natalie Newson, senior investigator at blockchain security firm CertiK.
Speaking to Cointelegraph, Newson said that uncovering the truth behind the April crash would require a full forensic study — similar to the one conducted after the collapse of FTX.
OTC Deals Obscure the Full Picture
In an April 15 interview with Coffeezilla, John Mullin, CEO of Mantra, admitted that the team had engaged in up to $30 million worth of OTC deals. These trades, unlike on-chain transactions, are carried out off exchanges and lack public transparency.
“The whale’s accumulation of 100 million OM tokens appears to stem from secondary market activity — not direct action by Mantra insiders,” Newson explained.
Arkham and Nansen Cannot Offer Final Answers
Mullin has denied any insider dumping, arguing that Arkham mislabelled several wallets. But Newson said that even data from Arkham or Nansen would not suffice:
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“To confirm insider coordination, more than basic wallet tracing is needed. Without offchain agreements or exchange records, reaching definitive conclusions is extremely difficult.”
Audit Still Not Confirmed
Mullin said the team is considering hiring a forensic auditor, though no decision has been made yet. Mantra has asked centralized exchanges to collaborate in analyzing the incident.
Frank Weert, co-founder of Whale Alert, also noted the difficulty in obtaining complete transaction histories, even at the node level.
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