Mantra’s OM token crash in April prompted the founder and CEO, John Mullin, to initiate an $80 million burn of OM tokens to rebuild user trust. However, the reasons behind the crash remain unclear, as highlighted by blockchain investigators. Natalie Newson, a senior blockchain investigator at CertiK, emphasized the need for a thorough forensic study to understand the incident fully. The investigation would require delving into over-the-counter (OTC) transactions, which pose challenges due to their opaque nature. Mantra released a statement post-crash, urging centralized exchange partners to collaborate in unraveling the situation. Newson distinguished between public onchain activity and more discreet OTC deals, noting that approximately 100 million OM tokens were accumulated through secondary market transactions, not necessarily involving Mantra insiders. Mullin disclosed engaging in OTC transactions worth up to $30 million in an interview. While blockchain analytics platforms like Arkham and Nansen were used to analyze the crash, they may not be sufficient to confirm or deny insider involvement. Newson stressed the complexities of tracing transactions in such incidents, citing the need for access to offchain agreements and centralized exchange records for definitive conclusions. Mullin mentioned considering hiring a forensic auditor post-crash but had not made a decision by mid-April. Arkham did not respond to inquiries regarding the incident. The OM crash underscores the critical liquidity issues facing the crypto market, highlighting the need for in-depth investigations in similar events.