Mantra Chain CEO calls for more decentralization after OM Token debacle

Mantra Chain CEO calls for more decentralization after OM Token debacle

In an update posted on Mantra Chain website, based on JP Mullin, CEO of Mantra Chain discussion with Henri Arsalian during Token 2049 on stage, offered an update on the OM Token debacle.

The blog post authored by Mullin notes that the focus is on decentralization. The team is accelerating their validator diversification efforts by winding down internal validators while adding more support partners. Mullin states, “By the end of Q2 2025, we’ll have reduced internal validators by half and onboarded 50 total external partner validators.”

The Tokenomics dashboard created after the price drop will continue to be live. Already Mullin had burned his 150 million staked OM Tokens to show his commitment to the projects and to the recovery while trying to rebuild trust.

MANTRA Chain continued to operate without interruption during the price drop, even with transaction volumes at all-time highs. Additionally, Mantra Chain has launched OMSTEAD, our MANTRA Chain EVM testnet currently in Alpha. ‍

Mullin also carried out a call to action when it comes to crypto exchanges. He states, ‍”This is bigger than MANTRA. Liquidation cascades could happen to any project in the crypto industry. Policies that allow aggressive leverage positions create substantial systemic risk. We’re cooperating with major exchanges to improve market stability, and we’re calling on the rest of our industry to provide input on how exchange policies can minimize (or continue to permit) policies that create risk to investors.”

He added that the path ahead requires methodical, transparent rebuilding. He states, “We’re designing systems that both significantly reduce the risk of similar incidents and also create a fundamentally more decentralized protocol and token.”

Mantra Chain had signed a $1 billion tokenization deal with DAMAC as well as a $500 million deal with MAG Group. Yet recently MAG Group announced a new tokenization of assets worth $3 billion with MultiBank mentioning the same properties that had been mentioned in their initial agreement with Mantra Chain.

UAE MAG seems to have dropped Mantra Chain for Multibank with new $3 billion tokenization deal

UAE MAG seems to have dropped Mantra Chain for Multibank with new $3 billion tokenization deal

It is obvious that UAE MAG real estate developer who just announced a $3 billion tokenization deal with MultiBank Group, a financial derivatives institution in UAE, has dropped its previous agreement with Mantra Chain valued at $500 million.

The property assets MAG mention in their current announcement with MultiBank, and Mavryk, a Layer 1 blockchain tokenization infrastructure provider are the same as those they had previously mentioned with Mantra Chain.

In July 2024, MAG Group had announced that it would tokenize $500 million of RWA with Mantra Chain, the Layer 1 Blockchain tokenization platform, whose OM Token recently lost 90% of its value. At the time the press release noted that MAG would tokenize assets in tranches and would include residential projects such as Keturah Reserve, which is being built by MAG as well as the $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development, where investors would earn yield through stablecoins and Mantra’s OM token.

Woo and Behold today MAG in its announcement with Multibank and Mavryk are tokenizing the same exact property assets. As noted in the press release, ” The partnership will bring MAG’s high-value real estate developments, The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort, and Keturah Reserve, onto the blockchain, making them available to global investors via MultiBank.io’s fully regulated RWA marketplace. Once launched, holders of the RWA assets will be able to earn yield distributed daily on the MultiBank.io platform.”

There still might be remnants of the deal with Mantra Chain given that the current press release says that part of the Keturah Resort will be tokenized in the deal with MultiBank, which might leave some assets for the initial deal with MantraChain. Interestingly the new press release does not build on or mention the previous agreement with Mantra Chain.

The release goes on to note that the $MBG token will power access, staking, fee payments, and platform engagement, positioning it as the infrastructure layer behind institutional-grade digital asset offerings.

Each entity will play their role. MAG will provide its premium real estate inventory for tokenization, while Mavryk will deliver the blockchain infrastructure to support on-chain asset issuance and DeFi integrations,while MultiBank Group will oversee regulatory compliance, secondary market liquidity, and platform governance.

Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said, “At MAG, we have always been driven by excellence and a passion for shaping the property landscape of tomorrow. Partnering with MultiBank Group marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain.”

“This isn’t just a real estate deal, it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure.” said Zak Taher, Founder and CEO of MultiBank.io.

The platform is built to scale up to $10 billion in assets, setting the stage for a new era of programmable ownership and compliant digital investing, with $MBG at its foundation.

At the end of 2024, MAG Group Holding’s portfolio of current and under development projects across its different real estate subsidiaries has reached AED 43.7 billion ($11.9 billion).

Coti Blockchain joins Saudi Arabian AI and Blockchain center

Coti Blockchain joins Saudi Arabian AI and Blockchain center

COTI an EVM-compatible L2 Blockchain focused on privacy technology with its COTI V2 that provides a developer-friendly ecosystem that has fast and scalable access to Ethereum, has joined Saudi Arabia’s AI and Blockchain Center (SAAIBC), which brings together Saudi Arabian leaders, policymakers, and practitioners through a shared mission to accelerate AI and blockchain adoption across MENA and broader Africa.

As per the post, COTI’s involvement reflects a continued interest in the region and in the application of real-world assets (RWAs) to bridge traditional finance with blockchain economies. COTI will bring deep insight into compliant confidentiality, auditability, and ways to bridge the gap between traditional finance and Web3 technologies.

Saudi Arabia’s Vision 2030 aims to transform the Kingdom into a global AI powerhouse with unparalleled levels of investment. This includes the Public Investment Fund (PIF), a $40 billion AI fund, and Project Transcendence, a $100 billion initiative to build investment into data centers, startups, and AI infrastructure. Strategic partnerships — such as a $1.5 billion commitment from AI chip startup Groq — further reinforce the Kingdom’s ambitions to leverage technologies on a global scale. The result is that Saudi’s AI market alone is forecast to grow to approximately $61.85 billion by 2033, expanding at an impressive CAGR of 46.6%.

“This is a rare opportunity to shape blockchain policy and infrastructure at an early stage throughout the Africa and MENA region. By bringing together infrastructure providers, including COTI, with investors, government officials, and businesses, we will be able to trial meaningful projects with input from all relevant stakeholders — giving the greatest possible chance of success.” — Shahaf Bar-Geffen, CEO, COTI


SAABIC announced its formation today during the Real-World-Asset Summit in Dubai. SAABIC members joined the RWA Summit roundtable alongside top leaders from government, investment, and technology to address the major challenges to tokenization across MENA and broader Africa. Held at the iconic Burj Al Arab, and coinciding with the TOKEN2049 conference, the event brought together a cohort of 40 distinguished guests — including notable government leaders and royal family members from the United Arab Emirates, Kingdom of Saudi Arabia, Republic of Kazakhstan, Republic of Nigeria, Republic of Sierra Leone, France, and the United Kingdom — as well as investors representing nearly half a trillion USD in AUM.

Discussions centered around issues such as regulatory clarity, trust-building between TradFi and DeFi, and the future of asset tokenization.

Tokinvest and UAE Zand Bank partner to tokenize the world of investing

Tokinvest and UAE Zand Bank partner to tokenize the world of investing

UAE regulated, Tokinvest, a marketplace for real-world asset (RWA) investing, and Zand Bank, the UAE’s first fully licensed, AI-powered bank and a regulated digital asset custodian have partnered to transform the way investors access high-value assets through tokenization.

As per the press release, the partnership will offer fully integrated solutions for tokenized real world assets including design, issuance, custody and trading. Tokinvest and Zand Bank are paving the way for a more accessible, liquid, and transparent investment ecosystem. By combining Zand Bank’s regulated custodial services with Tokinvest’s expertise in tokenised investments, this partnership offers a secure, compliant, and scalable model for the next generation of real-world asset investing.

Tokinvest and Zand Bank will enable investors, both institutional and individual, to gain fractional exposure to premium assets without the high barriers to entry. All the transactions will be fully compliant with UAE’s regulations, while asset owners and issuers will be able to raise funds efficiently from a broader global investor base.

Scott Thiel, CEO & Co-Founder of Tokinvest, commented, “This isn’t just a partnership—it’s a game-changer. Together with Zand Bank, we’re building the future of tokenised investing, making it easier, safer, and more accessible for everyone. The old barriers—high capital requirements, complex legal structures, limited liquidity—are being broken down. Dubai is at the forefront of this transformation, and this collaboration reinforces our commitment to giving investors access to exclusive opportunities in a way that’s fully regulated, transparent, and seamless.”

The collaboration will support issuers in creating, listing, and trading tokenized assets across multiple asset classes, including real estate, funds, and commodities.

Michael Chan, CEO of Zand Bank, added, “Zand Bank is proud to lead the way in the digital economy by offering innovative banking products alongside our institutional-grade custodial solutions. Our collaboration with Tokinvest showcases our commitment to providing secure and transformative financial services that bridge traditional finance with the digital asset world. We are committed to delivering seamless, transparent, and accessible investment opportunities, setting new benchmarks for innovation and security in the tokenized asset market.”

Previously Zand Bank had signed a partnership with Mantra Chain for tokenizing real world assets. Since then Mantra Chain’s OM Token has faced its own downward decline.

Zand Bank continues to forge ahead with new partnerships

UAE fully licensed digital bank Zand, has collaborated with UAE Web3 financing platform Klickl. This came after Zand Bank announced that it was launching its licensed digital asset custody services. In addition Zand announced it would be launching Zand’s AED-backed stablecoin which will further enhance the bank’s ability to integrate TradFi and DeFi, reinforcing its leadership in the digital assets landscape.

In 2023, UAE based Abu Abu Dhabi Global Market (ADGM) and Zand Bank, partnered to offer preferential banking services and efficient bank account opening for ADGM-licensed entities, including SMEs, virtual assets companies, funds, and corporations. Since then it has become the go to bank for crypto exchanges, and other Web3 entities when it comes to crypto banking related services.

Dubai VARA regulator warns against misrepresenting in governmental real estate tokenization project

Dubai VARA regulator warns against misrepresenting in governmental real estate tokenization project

The Dubai Virtual Assets Regulatory Authority (VARA), in coordination with the Dubai Land Department (DLD), has issued an alert regarding entities who have falsely claimed involvement or participation in the pilot phase of the DLD Real estate tokenization project.

The tokenization project in question is that launched by DLD in March whose partners include the Dubai VARA regulatory authority and the Dubai Future Foundation through its Sandbox Real Estate. The project will tokenize property deeds to enable the fractional ownership of real estate assets, and was introduced under the Real Estate Innovation Initiative.

The alert notes that some entities might have falsely claimed or purported their participation in the pilot phase of the DLD Real Estate Tokenization Project. As per the alert the project involves select participants approved by both DLD and VARA. The alert noted that no entities beyond those explicitly approved by DLD and VARA are authorized to participate in the pilot phase.

As per the alert, ” Any entity promoting their involvement in the Project without formal confirmation from either VARA or DLD is misrepresenting their status. Official communications confirming participation will be issued solely by DLD and/or VARA.”

The alert further states that entities marketing real estate tokenization services linked to assets in Dubai, have to be licensed or authorized by the relevant authorities. VARA notes that engaging with unlicensed platforms or those falsely claiming participation in the Project exposes consumers to significant financial risk. These services are not covered by the consumer protection, market integrity, or risk management measures built into the regulated pilot framework.

Entities engaging in or promoting unauthorized activities, or misrepresenting their regulatory status, are liable for enforcement action, including but not limited to public alerts, financial penalties, and market prohibitions.

Consumers and market participants are advised to exercise caution and verify the licensing status of all firms claiming to offer VA-related services by consulting the official VARA Public Register. Any promotional content referencing participation in the Project that has not been validated through VARA or DLD should be treated with caution.

MantraChain OM Token is burning

MantraChain OM Token is burning

MANTRA Chain has announced through its CEO and Founder , John Patrick Mullin that they are currently burning 150 million allocation of team tokens. He had made this promise last week in an effort to rebuild trust and demonstrate an a focus on building trust, accessible and inclusive financial ecosystem through tokenization.

As per the announcement the Team and Core Contributor tokens were staked at mainnet genesis, in October 2024, to bootstrap network security. The process of unstaking 150 million tokens from the Team and Core Contributor bucket has now begun. It can be verified through the following transaction hash;

CE0E166DED4F267B22F16D011A7F511FFDDB4AADB31A2FE6A0E6E81690E339AA

DFB6C3DDFFDC09B9B2A16175401D8B7DB81C79C774203E17859694FA9D8C79C5

7D056D17F2A57A27E807FB9F12E739B24306FC7B8B651B27622A022EC18EFD5D

The unstaking period will be completed on 29 April 2025. Once this process is finalized, all tokens will be sent directly to the burn address: mantra1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqcg2my8.

These tokens will be permanently removed, reducing the total supply by the same amount, 150 million OM.

The announcements also added that MANTRA is in ongoing conversations with key ecosystem partners to implement an additional 150 million OM token burn, which will bring the total burn amount to 300 million OM.


After unbonding, MANTRA Chain will burn 150 million OM, reducing the total supply from 1.82 billion OM to 1.67 billion OM while decreasing staked tokens from 571.8 million OM to 421.8 million OM.

This strategic burn will lower the bonded ratio from 31.47% to 25.30%, resulting in an increase in staking APR. Once the burn transaction has been executed and confirmed on the blockchain, complete verification will be provided.

This comes a week after Mantra Chain, the Layer one tokenization platform, regulated in the UAE by Dubai’s Virtual Asset Regulatory Authority, has shed almost $10 billion dollars in less than 24 hours on April 13th 2025. The OM token price dropped from around $6 dollars to 0.37 in a matter of hours.

At the time both investors, Shorooq and Laser Digital denied that they had sold their OM Tokens, while Mantra Chain CEO seems to be pointing hands towards the crypto exchanges, when he shared his preliminary report.

Mantra Blockchain shares preliminary report awaiting crypto exchanges collaboration

Mantra Blockchain shares preliminary report awaiting crypto exchanges collaboration

UAE regulated Mantra Blockchain platform for the tokenization of real world assets has published a preliminary report on the OM Token price fall.

As per the post On 13 April at approximately 18:28 UTC, the OM token experienced significant and unexpected downward price action, resulting in a 92% decline over a period of approximately one hour. This unusual market activity has raised questions within our community, and we acknowledge the concerns expressed by our token holders during this period of market volatility.

The post notes that the Mantra team have been conducting a thorough investigation to find our the key factors contributing to the rapid price movement and present verifiable data confirming the current OM Token circulating supply.

Mantra states, ” Our objective is to deliver a fact-based assessment that addresses community questions and outlines measures to strengthen market resilience. While our investigation remains ongoing, we are committed to sharing verified information in a timely and transparent manner. We appreciate the community’s patience as we compile a comprehensive understanding of this market event.”

No sales of OM token were made by the MANTRA team or advisors as those remain locked, however ERC-20 OM tokens are in public circulation and outside of Mantra’s control.

  1. Legacy ERC-20 OM Tokens (Fully Circulating)
    The original OM token (ERC-20) was launched in August 2020 with a fixed total supply of 888.88 million OM. As of 15 April, 2025, 99.995% of these tokens are in public circulation, held by more than 123,000 wallets, meaning they are fully liquid and tradable on the open market. Key allocations from the original OM ERC-20 tokens — including public/private sales, team/advisors, grants, reserves, referrals, and staking rewards—have all been fully distributed. This means market activity for these tokens is driven by holders and external trading dynamics. Further details on the ERC-20 OM buckets and balances can be found in Appendix A.
  2. MANTRA Chain Mainnet OM Tokens (Limited Circulation)
    In October 2024, the launch of MANTRA Chain introduced an additional 888.88 million OM coins minted natively on the new blockchain, alongside an onchain inflation mechanism. Currently, 77.5 million OM of these MANTRA Chain coins are in circulation. There are currently over 200,000 mainnet OM wallets. Further details on the Mainnet OM buckets and balances can be found in Appendix B.

  5. The total OM supply stands at 1.81 billion tokens, split evenly between legacy ERC-20 and new Mainnet OM. Of this:
  • 53% (969.61 million OM) is currently circulating. Nearly all circulating supply (92%) comes from the fully liquid ERC-20 tokens, with just 8% originating from Mainnet OM. As per Mantra the incident almost exclusively involved ERC-20 OM, as ERC-20 OM represents virtually the entire liquid market.

    MANTRA acknowledges that significant amounts of OM tokens were moved onto exchanges for use as collateral. Based on MANTRA’s review of independent observations (here and here) of the incident, it is evident that there were forced OM position closures during a period characterized by reduced market activity (around 02:00 am Monday HKT). These liquidations created excessive selling pressure on the OM token market.

    As per the analysis of Mantra, the forces liquidations according to Mantra initiated a sequential market reaction which pushed the price downward which triggered automated liquidation events across exchanges for leverage positions using OM as collateral. A divergence on OM Token spot price between OKX and Binance was noted in hours commending around 18:00 UTC. As such Mantra noted that significant OM Traders were liquidated by centralized exchanges, and that they are awaiting further information from crypto exchange partners for clarification.

    As for the future Mantra plans to release details of its OM Token support plan with OM Token buyback and supply burn program. The CEO and Founder John Patrick Mullin, has committed to burn his team allocation. Mantra calls on centralized exchanges to collaborate and provide clarity on trading activities while Mantra releases a dashboard with live balances of tokenomics buckets for additional market transparency.

    Laser Digital shows support for Mantra OM Token

    Laser Digital shows support for Mantra OM Token

    Laser Digital, a UAE regulated crypto broker and investment manager service provider, as well as an investor in Mantra Chain, the L1 Blockchain tokenization platform, has made a statement confirming their support for Mantra OM Token after its 90 percent fall in the past 48 hours.

    Laser Digital noted that it had no involvement in the recent price collapse of $OM token. They stated, ” Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading. 3/ On-chain movements of $OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any $OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets.”

    The company emphasized that they are here to help grow the ecosystems they back. They stated, ” We remain fully aligned with our counterparties, and our core $OM investment remains locked. We have zero interest in putting pressure on the token or destabilizing the project. Transparency matters. We’re proud to support innovation and responsible growth in crypto markets — and that means showing up with facts when confusion and inaccurate information arises.”

    This comes after Shorooq also made a similar claim with regards to Mantra Chain and its token.

    Abu Dhabi Inovartic to launch tokenized real estate investment platform with Brikyland

    Abu Dhabi Inovartic to launch tokenized real estate investment platform with Brikyland

    Brikyland Technologies, a blockchain-based real estate tokenization platform, and Abu Dhabi based Inovartic Investments, an innovation and technologies driven investment firm, have signed joint venture partnership aimed at jointly exploring, developing, and implementing tokenized real estate and green asset backed investment technologies in UAE. The venture is expected to roll out projects in key real estate developments and green asset backed initiatives across the UAE, with further announcements to follow in the coming months.

    As per the press release, the collaboration is set to leverage blockchain, smart contract infrastructure, and digital asset frameworks to unlock new models of fractional ownership, liquidity, and transparency in the real estate and sustainable investment space. The joint venture will operate in full compliance with ADGM’s evolving regulatory environment governing virtual assets and digital finance.

    The two parties seek to develop a UAE based tokenization platform for premium real estate and green assets that will enable compliant fractional ownership structures using blockchain and smart contracts. They will also work to introduce innovative investment vehicles aligned with ESG principles and sustainability mandates and collaborate with regulatory bodies to ensure alignment with national digital asset policies.

    The agreement follows the UAE–Vietnam Business Forum held on April 10, 2025, at the Abu Dhabi Chamber of Commerce, where both entities reaffirmed their commitment to advancing technology cooperation. This partnership reflects that vision by strengthening cross-border collaboration in emerging technologies and green finance.

    “This partnership with Brikyland Technologies is a natural extension of our vision to drive the next generation of asset backed investment solutions rooted in transparency, sustainability, and technological advancement,” said Anwar Hussein, Managing Partner and Co Founder of Inovartic Investments. “Together, we are laying the foundation for a new era of real estate investment and green asset monetization in the UAE.”

    Dr. Dang Ha Lam, Founder Chairman and CEO of Brikyland Technologies, added, “Our technology is designed to make real estate and green assets more accessible and tradable. Partnering with Inovartic opens up strategic opportunities to expand our footprint in the UAE with a focus on institutional grade solutions and compliance-first innovation.”

    Saif Aldarmaki Chairman and Co Founder of Inovartic Investments, also noted that the partnership reflects the share commitment to advancing cross-border innovation and sustainable investment. He notes, “By integrating Brikyland’s blockchain technology, we aim to pioneer next-generation asset-backed financial solutions that align with the UAE’s digital economy vision and deepen our commercial ties with Vietnam.”

    Founding Advisor of Brikyland Technologies Dr Phillip Thai Pham (BA MIT, Dr. Standford) commented, “We welcome this strategic joint venture as a timely and progressive step that aligns with Vietnam’s commitment to fostering global partnerships in innovation and sustainable development. The collaboration between Brickyland and Inovartic reflects the spirit of cooperation highlighted during the UAE–Vietnam Business Forum. We believe this initiative will open new investment channels, create high impact technological applications, and strengthen the economic bridge between our two nations.”

    Who is the culprit in Mantra Chain OM token loss

    Who is the culprit in Mantra Chain OM token loss

    Mantra Chain, the Layer one tokenization platform, regulated in the UAE by Dubai’s Virtual Asset Regulatory Authority, has shed almost $10 billion dollars in less than 24 hours on April 13th 2025. The OM token price dropped from around $6 dollars to 0.37 in a matter of hours.

    The incident reminded many of FTX, Luna, and other failed projects that were either ponzy scams or worse, but until now there are many sides to the story and many fingers assigning blame and culprit status.

    So what has happened?

    The Mantra Chain side of story

    John Patrick Mullin, the CEO and Co-Founder of Mantra was quick to make a statement on X and LinkedIn what happened. He noted that they had determined that the $OM Token market movements were triggered by reckless force closures initiated by centralized exchanges on OM account holders.

    He stated, “The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice. That this happened during low-liquidity hours on a Sunday evening UTC (early morning Asia time) points to a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges.”

    He noted that Centralized exchange partners play an important role in providing liquidity to projects like ours. He explained, “We work closely with them; however they continue to exercise enormously high levels of discretion. When discretionary powers are exercised without due internal and external oversight, dislocations like what recently happened can and will occur, hurting both projects and investors alike.”

    He was adamant that the dislocation was not caused by the team, or Mantra Association, or advisors or investors. He explained, “Tokens remain locked and subject to the published vesting periods. OM’s Tokenomics remain intact, as shared last week in our latest token report. Our token wallet addresses are online and visible.”

    He added that in the coming hours there will be a community meeting on X to discuss the events.

    Crypto exchanges side of story

    The Founder and CEO of OKX sees it quite differently, on X he noted, “ It’s a big scandal to the whole crypto industry. All of the onchain unlock and deposit data is public, all major exchanges’ collateral and liquidation data can be investigated. OKX will make all of the reports ready!”

    He also shared a post which noted that before the $OM token crash, 17 wallets deposited $277 million ( 43.6 million $OM) to exchanges, which is 4.5% of circulating supply. Two of those wallets are linked to Laser Digital an investor and partner of Mantra Chain.

    In March 2024 MANTRA Chain raised $11 million led by UAE based Shorooq Partners with investors including Three-point capital, Forte Securities, VirtuZone, Hex Trust and GameFi Ventures

    While it seems the CEO of Mantra Chain mostly blames Binance. Binance issued a statement stating that the $OM Token had experienced price volatilities and their initial findings indicate that the development are a result of cross-exchange liquidations. Since October 2024 Binance had implemented various risk control measures including reducing leverage levels with regards to $OM Token.

    Additionally, since January 2025, Binance introduced a pop-up warning on the OM spot trading page to inform users of major changes in the token’s Tokenomics, particularly a significant increase in supply. That warning has now been updated to emphasize that OM’s price is subject to very high volatility.

    The Community take on the Story

    Being_maximus expressed what he believes is the community take on the events with $OM Token, he explained that the community believes this could be linked to a team Shake-Up: Rumors of key “Kabal team” resignations rocked investor confidence, triggering panic selling,  Tokenomics Concerns, allegations surfaced that the team controls up to 90% of the token supply, raising fears of insider selling and manipulation. A proposal for supply inflation only added fuel to the fire, and Airdrop Discontent: Community members (“Omies”) expressed frustration over poor airdrop allocations and vesting terms. OTC sales by insiders may have worsened the sell pressure.

    Investors have reached out to Mantra Chain and Binance, with one stating on X “I invested $3,500,000 into your RWA token, $OM. That investment is now worth barely $200,000, a drop of over 90%. My intention was to support the future of RWAs. I conducted thorough due diligence, and the supposed partnership with a leading UAE property company was a key factor in my investment decision — a claim that gave the illusion of credibility and legitimacy.”

    He added that it is clear that these funds were funneled into the pockets of the Binance and $OM Teams. As he stated,, “It’s now clear that those funds were funneled into the pockets of the Binance and $OM teams in what looks like a well orchestrated liquidity exit. Had I known that my investment would be used to subsidize insiders instead of advancing the RWA ecosystem, I never would’ve engaged with this project. If this situation is not acknowledged and addressed appropriately, I will have no choice but to escalate this through formal legal channels. My crypto legal representatives at Burwick Law will be in touch.”

    The Dubai Virtual Asset Regulatory Authority take

    The most important take will be that of the UAE regulator VARA given that Mantra Chain is regulated in the UAE. Lara on the Block reached out, and was advised that no comments could be made at this time as investigations are ongoing.

    The whole situation reminds us of a recent spat that took place in the UAE, a few weeks back between UAE based Dohrnii Labs, and Blynex crypto exchange.

    But it could also be a reminder to the sagas of FTX, when VARA had to suspend its license.